CITYWIDE — TENANTS SAVED AN AVERAGE OF $1,300 since the Fairness in Apartment Rentals Act banned broker fees in June, the New York Post reports, citing OpenIgloo. But the financial boost won’t last long, the paper projects. While city rents rose 6% this summer, below the 8-15% hikes landlords once charged in fees, rising base rents could erase any benefit by year two.
“Maybe [renters are] paying less in fees, but their base rent is up, so if they stay a second year, that $1,300 in savings is totally gone,” said Decode Real Estate CEO Danielle Nazinitsky to the Post. StreetEasy economist Kenny Lee added that falling inventory in some neighborhoods like Cobble Hill and Brooklyn Heights is fueling higher prices…