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NYC Bans Broker's Fees for Rentals/$20 for Application/1 Mo. Sec Only
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Surprise for New York Renters: No More Broker Fees

Regulators unexpectedly banned broker fees for renters, which in the city have long amounted to as much as 15 percent of the annual lease.

"...The new laws, aimed at protecting tenants and strengthening rent regulations, said that tenants could be charged no more than $20 in fees when applying for an apartment, including background and credit checks. The rent laws passed in June also capped security deposits at one-month’s rent, further diminishing the lump sum amount renters typically must pay before being given keys to an apartment."

More - NY Times

Posted on: 2/6 3:01

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