If you’ve ever rented an apartment in New York City, you probably know the feeling: you find a great place, get your hopes up, and then—bam—a broker fee of thousands of dollars hits you out of nowhere.
That’s exactly the kind of frustration the FARE Act aims to fix.
As of this week, this new law officially went into effect—and it’s a big win for renters. Here's what’s changed and why it matters (and why working with the right agent still makes a big difference).
What is the FARE Act?
The FARE Act stands for Fairness in Apartment Rental Expenses, and at its core, it’s about shifting the responsibility for broker fees.
In simple terms: if a landlord hires a broker to help rent their apartment, the landlord now has to pay the broker fee—not you, the renter.
This is a major shift in a market where tenants were often stuck with high fees for services they didn’t ask for. The idea is to make renting more fair, transparent, and financially manageable.
So, what does this mean for renters?
It means you might not be hit with huge upfront costs just to move. In fact, some estimates suggest this law could cut move-in costs by over 40%. That’s real money back in your pocket—and a welcome relief for many.
But here’s where it gets a little complicated...
Some landlords are pulling listings to figure out how to respond. Others are raising rents to make up for the fees they’re now covering. And some are trying to find creative (and sometimes unclear) ways around the law.
Why having an agent still matters
While the FARE Act changes who pays the broker, it doesn’t change the value of having a good agent on your side.
A great agent isn’t just someone who opens doors—they’re your advocate. They help you navigate tricky paperwork, spot red flags in listings, negotiate terms, and find real opportunities that fit your needs. Especially now, as landlords and brokers adjust to the new law, having someone who understands the market is more important than ever.
Think of it like this: with more listings shifting behind the scenes or going word-of-mouth, your agent can be your inside connection to apartments that might not even make it online.
What’s next?
The real estate world is still adjusting. There are court challenges, evolving strategies, and lots of conversations happening behind the scenes. But for renters, this is a step in the right direction—toward more fairness and more options.
And remember: while it’s great that you might not have to pay a broker fee anymore, who you work with still matters. A knowledgeable, honest agent can help you land the right home, at the right price, with less stress—and that kind of guidance is priceless.
