FARE Act Changed NYC: No More Forced Broker Fees
The Game Just Changed
On June 12, 2025, NYC flipped the script on broker fees. No more paying 15% of your annual rent to a broker you didn't even hire.
The market saw significant activity that week - 24,400 listings were removed as brokers and landlords adjusted to the new rules. That's a 20% increase from typical weeks.
What Actually Changed?
Simple: Whoever hires the broker pays the broker.
Before FARE Act:
- Landlord hires broker
- Tenant pays broker fee (typically 10-15% annual rent)
After FARE Act:
- Landlord hires broker
- Landlord pays broker fee
The Data Tells a Wild Story
Look at what happened during FARE Act week:
- Week before: 20,300 listings removed
- FARE Act week: 24,400 listings removed (peak activity)
- Week after: 19,000 listings removed
Everyone rushed to close deals before the new rules kicked in. Classic NYC.
What This Means for You Right Now
The Good:
✅ No more surprise $5,000 broker fees
✅ You only pay if YOU hire a broker
✅ More transparent pricing
The Catch:
Some landlords are trying to sneak those costs into higher rent. But here's the thing - not all of them. And definitely not the rent-stabilized ones (they can't).
How to Win in the Post-FARE Act Market
1. Know Your Rights
- Ask every broker: "Who hired you?"
- Get it in writing
- If they say the landlord, you don't pay. Period.
2. Watch for Hidden Fees
- "Administrative fees" that didn't exist before
- Suddenly inflated rents
- Pressure to "tip" the broker
3. Go After Rent-Stabilized Units These landlords can't just jack up rent to cover broker fees. They're bound by RGB increases.
The Market Is Still Adjusting
Right now:
- 50% of listings gone within a week
- 7-day median time on market
- 2,800 apartments removed daily
It's fast, it's competitive, but at least you're not paying someone else's broker anymore.
Real Talk: What's Actually Happening
Some landlords are listing directly (no broker = no confusion). Others are eating the broker fee cost. And yes, some are trying to pass it on through higher rent.
Your job? Find the ones playing fair.
That's literally what RentReboot does - tracks every rent-stabilized listing where:
- Rent increases are capped by law
- You get lease renewal rights
- No sneaky broker fee workarounds
Your FARE Act Survival Guide
Step 1: Stop looking at random listings. Focus on rent-stabilized units where the rules are clear.
Step 2: Set up alerts so you're first to know when these units drop.
Step 3: Have your docs ready. The good apartments are still going fast.
The Bottom Line
The FARE Act saves you money - no more paying broker fees for agents you didn't hire. Combined with rent-stabilized apartments, you get both fee savings and rent protection.
Get Started with RentReboot
Find rent-stabilized apartments with transparent fees. Use code TRYREBOOT for 20% off.
Data Source: NYC FARE Act Implementation Analysis | June-July 2025