The recent law ending broker fees has transformed the rental market dynamics, causing confusion among both renters and agents. Rents appear stable, yet apprehension persists, leaving many to question the authenticity of listings. Despite agents being prohibited from transferring fees to tenants, ambiguity in practice has emerged, resulting in a disconcerting atmosphere. Some brokers perceive an increase in dubious tactics, as landlords bypass traditional arrangements. Renters like Alex are left feeling uncertain about the legitimacy of offers, reflecting broader anxieties within the current housing market.
After the first month's rent and a security deposit and the broker's fee, tenants were paying on average nearly $13,000 up front.
It's been a month since the law ending forced broker fees took effect, and trying to find an apartment has gotten a little ... weird.
Agents representing landlords can't pass their fees to the tenant. But there isn't exactly a script for how this is all supposed to go down.
Everyone is a little on edge. 'It's more shady now,' one broker tells me.
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