New York City Might Finally Curb Broker Fees for Renters
The New York Times
A majority of the City Council supports a bill that would transfer the cost of most broker fees from renters to landlords.
It is an expensive New York City rite of passage that greets generations of renters eager to find an apartment: the dreaded broker fee.
The fee can rise well into the thousands of dollars — on top of a security deposit and first month’s rent — providing a culture shock to people from other cities, where landlords typically pay broker fees for rentals.
Now the City Council is seeking to rein in the fees, and a majority of council members support a bill seeking to transfer the costs to landlords. A key hearing for the bill, which would require whoever hires a broker to pay the fee, is scheduled for Wednesday.
At a time when rents have soared, it can easily cost more than $10,000 just to get the keys to an apartment. The hefty broker fee is a one-time payment that is typically between 10 to 15 percent of the annual lease amount. For an apartment in Manhattan, where the median rental price is $4,200 per month, the fee could be as high as $7,500.
Councilman Chi Ossé, who shared his own struggle to find an affordable apartment in Brooklyn, said that some business leaders and labor unions were supporting the bill because the city has become so unaffordable.
“It’s an additional fee in an already expensive and competitive market,” he said. “It’s holding a lot of people back from finding new homes, and it’s pushing people out of the city.”
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