Brokers

What to Know About the City Council’s Latest Attempt to Ban Broker Fees

New York is one of the only U.S. cities where tenants have to pay for a broker they did not hire. Those fees can range from one month’s rent up to 20% of the annual rent depending on the market. 

And in a rental market with a 1.4% vacancy rate, many people see broker fees as a barrier preventing people from moving.  

City Councilmember Chi Ossé (D-Brooklyn) is trying for the second time to change the way broker fees work in the city. The FARE (Fairness in Apartment Rentals) Act would require the person who hires the broker to pay their fee. 

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