A major change is coming to New York City’s rental market this week: the end of costly, upfront broker fees for most tenants searching for apartments.
The Fairness in Apartment Rental Expenses (FARE) Act, slated to go into effect on June 11, mandates that broker fees be paid by whoever hired the broker – most often, the landlord or property management company, not the prospective tenant.
Almost half of all NYC leases in the last year charged tenants a broker fee, according to data collected by real estate search engine StreetEasy…