NYC Renters No Longer Have To Pay Broker Fees!
Great news for some New Yorkers! Tenants will no longer be forced to cough up a broker’s fee when renting an apartment in New York City, according to the Wall Street Journal.
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The Department of State (DOS) recently shared a clarification of the pro-tenant rent reforms that became law in 2019, effectively banning the practice of asking tenants to pay a broker’s commission. However, under the new ruling — which was made on Friday and went into effect Wednesday, the fees brokers have typically passed on to renters must now be paid by landlords instead!
Now, although this may sound great to some people, landlord groups said the change would actually force them to raise rents on their apartments!
”You might have some owners who decide to just try to do it on their own,“ Andrew Barrocas, founder of the brokerage MNS, told the Journal. “I’m leasing thousands of apartments a year and all of these landlords, if they thought they could do it better themselves, they would,” the New York Post quotes.
New York is one of the few cities in the country with a broker fee, which has such financial leverage over how people rent apartments.
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