NYC is lifting broker fees for most tenants. Here’s what to know.
22 hours ago · A recent analysis by the online listings site StreetEasy found tenants pay an average of nearly $13,000 in upfront costs before moving into an apartment subject to a broker fee. “This bill is ...
What to Know About Broker Fees in New York City
5 days ago · Broker fees are upfront, one-time payments that are typically one month’s rent or up to 15 percent of the annual rent. Those fees, coupled with a security deposit and first month’s rent, mean ...
NYC bans unusual practice of forcing tenants to pay real estate brokers …
5 days ago · NEW YORK (AP) — Mandatory broker fees, an unusual feature of New York City apartment hunting long reviled by renters, will be banned under legislation that passed Wednesday after overcoming fierce backlash from the city’s real estate lobby. Under a system that exists in New York and almost nowhere else in the country, tenants are often ...
NYC bill shifting broker fees to landlords overwhelmingly …
5 days ago · The council’s overwhelming support for the legislation came as the average upfront cost of a New York City rental apartment with a broker’s fee reached an all-time high of nearly $13,000,...
NYC broker fee law requires landlords to cover the cost, not ... - CBS News
5 days ago · NEW YORK -- Broker fees in New York City will be covered by landlords, instead of tenants, under a new law passed Wednesday by the City Council. The Fairness in Apartment Rental Expenses, or F.A.R ...
NYC Council passes bill to end broker fees for tenants in veto …
5 days ago · The New York City Council passed, in a 42-8 vote, a bill that will put an end to forcing tenant-paid brokers fees, as the city looks for strategies to tackle the housing affordability crisis.Now ...
Bill to End Forced Rental Broker Fees Goes to Council Vote With …
Nov 12, 2024 · Paying brokers’ fees to rent an apartment might just become a thing of the past for many tenants in New York City. The City Council on Wednesday is poised to pass a revised bill known as the Fairness in Apartment Rentals Act, which requires whomever hired the broker to …
‘An Absolute Mess’: Brokers Assess the Shift in Fees
3 days ago · Mr. Kowalczuk, a broker, outlined a potential scenario for tenants under the terms of the new bill: For an apartment priced at $5,000 per month, a potential broker’s fee of 15 percent of the ...
New York City Council Approves Bill Shifting Broker Fees to …
6 days ago · The City Council approved a bill on Wednesday that would curb a loathed New York City real estate practice: making renters pay thousands of dollars in broker fees. Moving into an apartment in New ...
NYC Bans Unusual Practice of Forcing Tenants to Pay Real Estate Brokers …
5 days ago · The fees are steep, typically totaling as much as 15% of the annual rent, about $7,000 for the average-priced New York City apartment. The legislation passed by the City Council aims to stop ...