Since June 11, 2025, the FARE Act has shifted an estimated $500 million in annual broker fees from tenants to landlords in New York City. Six months in, the rental market looks fundamentally different. As a broker who has worked both sides of NYC leasing across Manhattan and Brooklyn for over two decades, I have seen the real impact on listing volume, landlord pricing, and tenant expectations firsthand.
Key Changes Under the FARE Act
- Landlord-Hired Brokers: When a landlord hires a broker, the landlord must pay the broker fee, not the tenant
- Tenant Choice: Tenants can still hire their own broker and pay that fee if they choose
- Fee Disclosure: All listings must clearly disclose all fees upfront
- Itemized Costs: Landlords must provide a written itemized list of all fees before lease signing
Market Impact: What We're Seeing
The market has adapted in several ways:
- Rental Prices: Some landlords have adjusted asking rents to offset broker costs, though competition keeps this in check
- Direct Listings: More landlords are listing directly without brokers
- Tenant Representation: Tenants are increasingly seeking their own representation, especially in competitive markets
- Transparency: Overall fee transparency has improved significantly
What This Means for Renters
If you're searching for an apartment in NYC:
- Ask upfront who hired the broker and who pays the fee
- Request itemized fee documentation before signing anything
- Know that you can hire your own broker to represent your interests
- File a complaint with NYC DCWP if you experience violations
Active Listings
Live data · Updated every 15 min · Source: REBNY RLS
515 E 72nd Street #4-B
Upper East Side
77 Greenwich Street #23-C
Financial District
Listing information provided courtesy of the Real Estate Board of New York's Residential Listing Service (RLS). Information is deemed reliable but not guaranteed. Sale listings verified. ©2026 REBNY. RLS data displayed by Keller Williams NYC.
Looking Ahead
As the market continues to adjust, we expect further clarification from regulators and continued evolution of how rental transactions are structured. The goal remains the same: fairer, more transparent rental transactions for everyone.
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