The Fairness in Apartment Rentals Act (FARE Act) shifted the responsibility of broker fees to those hiring brokers, aiming to eliminate mandatory fees for renters. Following the law's enactment, rent increases ranged from 4.5 to 5.3 percent on average, in line with seasonal trends. Contrastingly, UrbanDigs reported a significant 15.7 percent spike in Manhattan rentals shortly after the law took effect. Overall rental inventory is currently lower than last year but has improved compared to 2022, suggesting supply and demand continue to influence rent growth.
Rents for apartments previously listed with a broker fee have been raised 5.3 percent on average, and rents for apartments without prior broker fees have increased by 4.5 percent on average, consistent with summertime market trends.
UrbanDigs reports rents in Manhattan spiked 15.7 percent in the first 12 days after the law took effect, although its researchers noted these results may change in the long term.
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