A new law in New York City called the Fairness in Apartment Rental Expenses Act requires landlords to disclose upfront rental costs and shifts the responsibility of paying broker fees based on who hires the agent. Landlords must cover fees when they engage an agent for marketing, while tenants must pay brokers they hire. Despite some confusion around waiving of broker fees, realtors emphasize that fees remain applicable, and transparency in all rental costs is essential. This law aims to foster clarity in rental agreements and enhance the value of real estate agents.
It's really black and white: Whoever hires the agent is who pays the agent... If a tenant hires an agent to look for an apartment for them, then they are obligated to pay that agent.
Media outlets and discussion on social media make it seem as though tenants no longer have to pay broker fees. But that is not the case.
Are all agents in love with this new law? No, but overall, I think it's a good thing - people will understand and see the value that hiring a realtor holds.
The Fairness in Apartment Rental Expenses Act prohibits a landlord's agent from charging fees to prospective tenants... but does not prohibit landlords from charging fees for background checks and credit checks.
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