The Fairness in Apartment Rental Expenses (FARE) Act is set to go into effect on June 11, barring tenants from being forced to pay for rental brokers hired by landlords. The Real Estate Board of New York has filed a lawsuit challenging this law, seeking a preliminary injunction to delay its enforcement. As the court awaits Judge Ronnie Abrams' decision on the motions, REBNY has shared guidance for landlords to comply with the law. This includes advising rental listings to indicate brokers must collect their own fees and to clarify the relationship between brokers and landlords.
The Fairness in Apartment Rental Expenses, or FARE, Act, which bars forcing tenants to pay for rental brokers hired by landlords, is slated to go into effect June 11.
The Real Estate Board of New York filed a lawsuit challenging the law in December, seeking a preliminary injunction to prevent the law's enforcement.
Judge Ronnie Abrams has not yet decided what to do with either motion, keeping us all in suspense with a ruling expected before June 11.
REBNY's advice to owners emphasizes the need to provide clarity regarding broker fees and potential agency relationships in their advertisements.
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