Just in time for peak rental season, the real estate game in NYC is changing—big time. The FARE Act (Fairness in Apartment Rental Expenses), which officially went into effect on June 11, 2025, is reshaping the way broker fees are handled across the city. If you’re a renter in Manhattan (where the median rent hit a record $4,752 even before this law passed), here’s what you need to know.
What Is the FARE Act, and Why Does It Matter?
Passed by the New York City Council with overwhelming support and becoming law by default, the FARE Act ensures that renters are only responsible for broker fees if they actually hire the broker. In most cases, that means landlords or property managers will foot the bill when listing an apartment through an agent. If you decide to hire a broker to help with your search, you’ll still pay—but the choice is now yours.
This change addresses the long-standing imbalance that had tenants paying thousands of dollars in upfront costs—StreetEasy data shows NYC renters previously shelled out an average of $12,951 just to move in.
How It Impacts Your Apartment Search
If you’re browsing listings after June 11, expect greater transparency. Landlords and listing brokers must now disclose all tenant fees upfront, from one-time charges to recurring costs. No more surprise broker fees after you fall in love with the perfect apartment.
And yes—“no-fee” filters are now gone from StreetEasy. All listings must clearly state any tenant fees in the description. If they don’t, or if you’re asked to pay a fee in violation of the new law, you can report the listing to StreetEasy or the NYC Department of Consumer and Worker Protection.
Why It Matters More Than Ever
With rents already up 10–12% since the start of June, this legislation comes at a critical moment. By lowering upfront costs, it makes moving more feasible for renters who might otherwise be priced out. It also encourages more movement in the market—which benefits everyone, including property managers and brokers.
Looking to rent this summer? The landscape just got a little more renter-friendly—and a lot more transparent.
If you’d like help navigating these changes and understanding how they impact your real estate plans, we’re here to help guide you. Because in NYC, knowledge isn’t just power—it’s your next lease.
