Bill to End Forced Rental Broker Fees Goes to Council Vote With …

2 days ago · 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 …

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What To Know About New York’s Latest Attempt To End Forced …

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Jun 11, 2024 · 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 …

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Council To Vote On Brokers' Fee Bill - Ny1.com

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1 day ago · Brokerage firms estimate that roughly half of the city's apartments require a tenant-paid broker fee. Broker fees can vary, but the standard is 15% of the annual rent.

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City Council Votes To Relieve Renters From Paying Broker Fees With …

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21 hours ago · The council member said that in his district, many renters have to cough up $12,000 to $15,000 just to rent an apartment. That sum includes first month’s rent, a security …

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NYC Council Bans Broker Fees For Renters | FOX 5 New York

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20 hours 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 …

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Moving To New York City Cost Us $10K In Fees - Salon.com

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1 day ago · The City Council has voted to relieve most renters from paying real estate broker fees. By Cara Michelle Smith. Published November 13, 2024 12:00PM (EST) Updated November …

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FAQs about Bill to End Forced Rental Broker Fees Goes to Council Vote With … Coupon?

Do landlords have to pay broker fees in New York City?

The New York City Council passed a bill Wednesday requiring landlords to pay fees for brokers they hire to list and show apartments. Renters today often pay these fees, which can add on 15% or more of the annual rent to the price of signing a lease. It is an unusual feature of the expensive New York City housing market. ...

Will getting rid of broker fees lead to higher rents?

Brokers say getting rid of broker fees will actually lead to higher rents because landlords will refuse to pay brokers and instead include them in the rent — say, upping the rent by $400 a month, to spread out a $5,000 fee over a 12-month lease. “Landlords cannot pay fees. ...

Should landlords & agents be required to provide a list of fees?

Ossé recently revised the FARE Act to also require landlords and agents to provide renters with a list of all the fees associated with an apartment. Those who fail to follow the payment and transparency protocols would be fined. Most Read from Bloomberg ...

Will New York ban broker fee structure?

In a City Council hearing on a bill introduced to ban New York’s broker fee structure, Councilmember Chi Ossé described the fee structure as “an exploitative system that exists virtually nowhere else.” In Boston, legislation that would’ve banned the practice failed to advance earlier this year in the Massachusetts State Senate. ...

Will the fare Act make rent in New York so expensive?

The FARE Act would ban a longstanding practice that’s rare among cities in the US and has helped make renting in New York so expensive. Fees amounting to as much as 15% of annual rent are often paid by the tenant before moving in, on top of a security deposit. ...

How much does a real estate agent charge a tenant?

Fees amounting to as much as 15% of annual rent are often paid by the tenant before moving in, on top of a security deposit. Under the measure, real estate agents who exclusively represent the landlord’s interests wouldn’t be able to seek a fee from the person signing the lease. ...