NEW YORK (PIX11)—Are you looking for an apartment on StreetEasy? As of Wednesday, their website has changed: the no-fee button has been removed. This is because the forced broker's fee is now a thing of the past, as the FARE Act has gone into effect.
The new law prohibits brokers who represent landlords from charging broker fees to tenants, according to the New York City Consumer and Worker Protection Office.
Landlords and their agents must also disclose all fees tenants must pay in their apartment listings and rental agreements.
Today is a historic day in New York City real estate, marking a major step forward in improving housing affordability for the city’s renters. The FARE Act has modernized the rental process to finally bring our city in line with nearly every other city in the country, removing an unnecessary barrier to provide immediate financial relief to renters and make it easier for them to understand what they can afford.
StreetEasy spokespersonBefore the FARE Act was enacted, New York City and Boston were the only major US cities where tenants could be responsible for paying broker fees.
What do I do if I’m being charged for a broker I didn’t hire?
If a landlord or an agent tries to charge a fee for a broker the renter did not hire, they can be reported to the NYC Department of Consumer and Worker Protection (DCWP).
If residents see a listing that says an agent is working as a “prospective tenant broker” or any rental listing that still has a broker fee, they are encouraged to report it to the DCWP.
To read more on how to report landlords who still charge broker fees after, click here.
Matthew Euzarraga is a multimedia journalist from El Paso, Texas. He has covered local news and LGBTQIA topics in the New York City Metro area since 2021. He joined the PIX11 Digital team in 2023. You can see more of his work here.
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