One Month After FARE Act: New York Tenants Face Hidden Fees, Market Uncertainty
A month after the Fairness in Rental Act (FARE Act) took effect in New York, ending forced broker fees, tenants like Alex are finding the apartment market confusing. While some listings are genuinely no-fee, others may have hidden costs, adding uncertainty. Alex, a freelancer, paid around $4,000 to secure a rent-stabilized one-bedroom apartment in Sunnyside, despite it being listed as no-fee on StreetEasy.
Agents and brokers seem unsure about their roles since the FARE Act. Some listings may be decoys, with hidden fees, making it difficult for tenants to navigate the market. Alex was asked to hire a broker to view another apartment with better views, raising questions about whether brokers are still charging fees under the radar.
There have been no major cost spikes reported since the FARE Act took effect. However, it's unclear if rents are increasing due to the act or following their usual high trend. Tenants are left wondering if they're being taken advantage of in the current market.
It's been a month since the Fairness in Rental Act was implemented, and the apartment market remains uncertain. Tenants like Alex are paying fees, despite listings claiming otherwise. Government legislators and policymakers, who drafted and passed the legislation, may need to provide clearer guidance to agents and brokers, and ensure tenants are protected.
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