New York City renters are saving thousands of dollars as the newly enacted FARE Act eliminates hidden broker fees across the city. The law, which took effect Monday, forces landlords—not tenants—to pay broker commissions on rental listings.
Mayor Eric Adams signed the Fairness in Apartment Renting Expenses (FARE) Act earlier this year in response to years of tenant advocacy. “Renters have carried an unfair burden for too long,” Adams said during a press conference. “The FARE Act restores financial fairness in our housing system.”
Under the new law, brokers must disclose all fees up front, and landlords must shoulder the cost of commissions when they initiate the listing. Previously, tenants often paid thousands just to secure an apartment—even when they didn’t hire the broker.
Tenants across NYC have welcomed the reform. “I saved $3,200 on my move to Brooklyn,” said Chloe Rivera, a graphic designer. “It made apartment hunting feel less like a scam.”
Landlords and real estate groups have pushed back, arguing the law will drive up base rent prices. However, city officials claim the reform ensures transparency and discourages predatory practices.
As housing costs remain a top issue in 2025, the FARE Act signals a shift toward tenant-friendly policies—and New Yorkers are taking notice.