What to Know About Broker Fees in New York City
The New York Times
The City Council overwhelmingly passed a measure to shift the burden of broker fees to landlords. Here’s what that means for renters.
Most New York renters will no longer be responsible for paying hefty fees to real estate brokers they did not hire.
On Nov. 13, the City Council overwhelmingly voted in favor of a bill that would make landlords responsible for broker fees for most leases, ending an unusual system that has been common practice in New York for decades.
Many renters and tenant-rights groups have criticized broker fees as unfair, and celebrated the bill’s passage. Brokers, landlords and real estate interest groups opposed the measure and say that it could lead to higher rents.
Here’s what else to know about broker fees.
Broker fees are upfront, one-time payments that are typically one month’s rent or up to 15 percent of the annual rent. Those fees, coupled with a security deposit and first month’s rent, mean that the cost of getting into a new apartment can be $10,000 — a heavy burden for new tenants and an unwelcome surprise for renters who are moving to New York City for the first time.
In the age before online rental listing sites like StreetEasy and Zillow, brokers played an important role in connecting prospective tenants to landlords with available apartments by listing units in publications, answering inquiries, setting up tours and filling out leasing paperwork. The fees compensated them for that work.
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