NYC renters will no longer face sky-high broker fees when attempting to lease an apartment. Instead, those costs will fall on the landlord’s shoulders
According to this latest statement from the department, they most certainly are, and prospective tenants can now pay no more than $20 for anything—including credit and background checks—regardless of whether a broker is marketing the property or not.
DOS is calling the changes, as well as the other newly enacted regulations, “a sweeping and comprehensive collection of new provisions that strengthen tenant protections for all New Yorkers.” But others in the community worry about the trickle-down impact the regulations could have—on brokers, landlords and even tenants in some cases.
Andrew Barrocas, CEO of MNS—a New York City-based real estate brokerage—says landlords paid the commissions in 98% of his firm’s rental transactions last year. But that approach has historically not been the norm in New York City—and it could come with some serious hurdles for those looking to pivot.
For those residents, Compass broker Jed Wilder says, “Rents will go up. Now instead of paying a one-time broker fee, the fee will be added into the monthly rental price, a price that will continue to rise each year as it usually does in NYC and will be continued to be paid as long as the renter lives in that apartment.”
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