The city ditched broker fees last week in a supposed win for tenants, but landlords had the last laugh — wasting little time sending rents skyrocketing in an effort to recoup their anticipated losses.
Rents shot up a shocking 15% in the week since the controversial FARE Act took effect, with the average rental in the Big Apple jumping from $4,750 to $5,500, according to an analysis by real estate analytics firm UrbanDigs.
“The Manhattan rental market has seen a sharp reaction,” said John Walkup, UrbanDigs’ co-founder.
The FARE Act, which prohibits agents representing property owners from charging renters a “broker fee,” also requires that all fees a tenant owes be included in rental agreements and real estate listings…