New York City renters say they are tired of paying for brokers they never hired, in addition to move-in fees.In the city, rental broker fees can be as much as 15% of the annual rent, regardless of whether they hired the broker themselves.On Wednesday, the City Council will decide on the Fairness in Apartment Rental Expenses Act, also known as the FARE Act.
The bill doesn't eliminate broker fees entirely though.Instead, it would require any broker fee associated with a residential real estate transaction for a rental property to be paid by the individual who hired the broker to facilitate the transaction.After more than a year, the proposal will be debated at a committee hearing on Wednesday.The committee will hear from tenants and real estate agents and brokers about how the bill would affect them, as well as other services they provide.