Real estate agents seeing changes after broker fee regulation changesPosted: Updated:
Real estate agents tell News 12 they are seeing changes in the market after recent changes to rent legislation.
This week the Department of State put out updated guidance saying renters no longer have to pay the broker fees. They say when a landlord selects a broker to find a tenant and negotiate a lease, that fee is on the landlord, not the renter.
"Most of my landlords were already paying fees on apartments and the reason the landlords are paying fees is it is really simple, they know that if they pay the fee that the tenant is willing to pay a higher rent because the tenant doesn't have to pay the fee," said real estate agent Jed Wilder.
He says he is already seeing changes in the market with the recent change. DOS says the goal of the Tenant Protections Acts of 2019 was to provide the strongest possible set of protections to tenants.
Many groups say they are happy broker fees are gone for renters, feeling it will help homeless New Yorkers.