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NYTimes
New York Times
21 Apr 2025
Mihir Zaveri


NextImg:What to Know About Broker Fees in New York City

For the first summer in years, many New Yorkers may be able to move into new apartments without first paying thousands of dollars in fees to a broker whose help they did not ask for.

A new law known as the FARE Act that is set to go into effect on June 11 says the fees should be paid by whoever enlisted the broker — often a landlord or property management company, not the renter.

The rise of online platforms like StreetEasy and RentHop has made renters less likely to hire brokers, since it’s easy for them to scour listings themselves. And it can be frustrating to fork over as much as 15 percent of the annual rent — a $4,500 fee for a $2,500 apartment — to someone who is trying to help landlords make money.

Few places outside New York City have systems like this. When broker fees are combined with other upfront costs, like a security deposit, the price of moving in the city can easily stretch beyond $10,000.

But the Real Estate Board of New York, an influential industry group that is suing to stop the FARE Act, and many others in real estate say that the new law is unfair and will lead to confusion and higher rents.

Here is what to know about broker fees in New York City:

Why do broker fees exist?

Before sites like StreetEasy took off over the past decade, renters typically relied on word of mouth, “for rent” signs, newspapers and Craigslist to find apartments. Hiring a broker who had access to special listings and familiarity with the housing market could help cut through much of the clutter.


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