FARE Act
Fairness in Apartment Rental Expenses Act
About the FARE Act
The FARE Act establishes new rules regarding broker fees in New York City residential rental transactions. Under this legislation, the party who hires the broker is generally responsible for paying the broker's fee.
Key Provisions
- The person who hires the broker pays the broker fee
- Landlords may not require tenants to pay broker fees for brokers hired by the landlord
- Tenants who hire their own broker to assist in their apartment search may negotiate broker fees
- The act applies to residential rental transactions in New York City
Our Commitment
Milton Coste and Keller Williams NYC are committed to full compliance with the FARE Act and all applicable regulations. We provide transparent information about fees and costs associated with our services.
Renting now and curious what the same apartment would cost to own? Put your current rent into the rent vs buy calculator and it returns the year the math turns over, using your down payment and how long you plan to stay.