Prior to June, New York City renters were often charged a hefty fee, equal to a month's rent or more, to a broker before signing a lease on a new apartment, even if they found the unit by themselves without any help. That changed after enforcement of the Fairness in Apartment Rental Expenses, or FARE, Act began June 11. The new measure requires whoever hires the broker to pay their fee and to disclose all upfront costs.
Since 1960, New York has been in a state of housing emergency, meaning a vacancy rate of 5% or less; today the vacancy rate is 1.4%, which, in turn, has driven up housing costs higher than ever. According to Apartments.com, the average rent for an available studio apartment is around $3,270 per month. In 2021, 53% of households in the city were spending over 30% of their income on rent.