Moving is expensive and time-consuming. There are a thousand little details and moving pieces that could instantly gum up the process.
In New York City, new tenants paid a broker fee in addition to the first month’s rent and security deposit. The fee is usually a percentage of the monthly charge or one-month rent. A new law, The Fairness in Apartment Rentals Act, now requires that the broker is paid by whoever hires them. The person is usually a building owner or a representative of the landlord/landlady.
I am all for this change. Those whose job is to show open listings deserve a reasonable wage, as we all do. Opponents of the bill say that the management companies or landlords will just pass it to their renters.
I have to believe that there is a way to compromise. Maybe put a cap on what the brokers charge or create a sliding scale. The owner of a private home that has one or two units pays more than a management company that owns multiple properties.
It goes without saying that someone will be unhappy. But the legislation is a huge step in the right direction.



You must be logged in to post a comment.