A new law is now in effect in New York City that no longer allows brokerage fees to be charged to potential tenants looking for an apartment.
Up to half of rentals in the city come with a broker fee where tenants normally would pay up to two months rent when moving. That is now banned. The new law states any such fee would be paid for by landlords. Allia Mohammed is with a company Opening-Loo which helps renters find apartments.
"A gamechanger for New York City renters who are used to paying thousands of dollars upfront when they want to move apartments. With this Fare Act, it means they will have more flexibility and save on those upfront costs."
Opponents think the Fare Act will lead to much higher rents but Mohammed calls that fearmongering.