“As a human being, I understand it,” says one New York City broker of a ruling that has rocked the industry.
On Wednesday, regulators effectively eliminated one of the biggest obstacles to renting an apartment in New York City: broker fees. Tenants in the city have often had to deal with middlemen contracted by landlords who control apartment listings, viewings, and leases. Even if renters find their own apartment online, they can still be required to pay landlords’ brokers upfront—an amount that can range from an extra month’s worth of rent to 15 percent of the lease.
There are some cases where no broker fees is going to be really helpful for people. But for a lot of people, it’s only going to raise rent all across New York City. I think it’s going to hurt small landlords, like small homeowners in New York City, lifelong New York residents who own a two- to three-family home who can’t afford to pay the broker’s fee to get their units rented.My brokerage carries a majority of no-fee listings, so it’s always kind of been part of my morals as a broker.
You say you agree with these laws morally. Do you think that, despite the short-term shockwaves, overall this will end up being a net positive? What sometimes would help with those things, the wiggle room would be, maybe if you offer them an extra month[’s rent] up front. Pay first, security, and last, or maybe you offer two months up front. It makes the landlords feel more secure about letting you in and getting approved for the apartment. Part of these laws that changed is you can only collect first and security. They’re trying to protect New Yorkers by doing that. I understand why they’re doing it.
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