Esquire Realty Ciaramella & Co.

𝐓𝐇𝐄 𝐅𝐀𝐈𝐑𝐍𝐄𝐒𝐒 𝐈𝐍 𝐀𝐏𝐀𝐑𝐓𝐌𝐄𝐍𝐓 𝐑𝐄𝐍𝐓𝐀𝐋 𝐄𝐗𝐏𝐄𝐍𝐒𝐄𝐒 (𝐅𝐀𝐑𝐄) 𝐀𝐂𝐓

Effective June 11, 2025The FARE Act redefined who covers real estate broker fees in New York City rentals, intending to ensure that the party who benefits from the broker’s work is the one who pays for it.

Here’s what to know:

✅ 𝗪𝗵𝗲𝗿𝗲 𝗶𝘁 𝗮𝗽𝗽𝗹𝗶𝗲𝘀: Residential rentals throughout NYC’s five boroughs.

✅ 𝗪𝗵𝗮𝘁 𝗶𝘁 𝗺𝗲𝗮𝗻𝘀: If a landlord engages a broker to market and lease their apartment, that broker’s commission must be paid by the landlord.

✅ 𝗙𝗼𝗿 𝗿𝗲𝗻𝘁𝗲𝗿𝘀: If you choose to work with your own agent, someone representing your interests, helping you navigate listings and negotiations, you’ll pay for that service directly.

✅𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 𝗺𝗮𝘁𝘁𝗲𝗿𝘀: Any fees that fall to the tenant must be clearly disclosed in online listings, so there are no surprises later.