What NYC Renters Need to Know About the Game-Changing Fare Act: Insights from Annmarie Triolo's SI Advance Commentary

There’s a lot of buzz swirling around the new NYC Fare Act, and understandably so—this legislation marks a major shift in how broker fees are handled for renters and landlords across the city. As someone who’s been on the front lines of real estate in Staten Island for years, I recently had the opportunity to share my thoughts and clear up some misconceptions in a feature for the SI Advance. If you’re a renter (or a landlord) wondering what this all means for you, let’s break it down together.

What Is the NYC Fare Act?

The Fare Act is designed to bring more transparency to the rental process, especially when it comes to broker commissions. The heart of the legislation is simple: Whoever hires the agent, pays the agent. So, if a landlord brings in a broker to market their apartment, the landlord is responsible for the commission. If a tenant hires an agent to help them find a place, then the tenant pays that fee. It’s a straightforward approach meant to eliminate confusion and make the process fairer for everyone involved.

Clearing Up the Confusion

There’s been a lot of chatter—both in the media and on social platforms—suggesting that tenants no longer have to pay broker fees at all. But as I explained in my commentary for SI Advance, that’s not the case. The Fare Act doesn’t erase broker fees; it simply clarifies who’s responsible for them. Broker fees are still very much a part of the rental landscape, and they’re negotiable based on what the agent charges. The key takeaway? Don’t assume the fee is gone—ask upfront who’s paying and how much.

What Should Renters Do?

• Ask questions early: Before you start your apartment search, clarify with your agent or landlord who’s responsible for the broker fee.
• Understand your options: If you’re hiring an agent to help you find a place, be prepared to pay their fee. If the landlord is hiring the agent, the responsibility shifts to them.
• Negotiate when possible: Like many things in real estate, fees can often be discussed. Don’t be afraid to have an open conversation about costs.

For more details and my full commentary, check out the SI Advance article: What every NYC renter needs to know about the game-changing Fare Act before signing a lease.

Whether you’re a renter navigating the market or a landlord looking to stay compliant, understanding the Fare Act is essential. And remember—when in doubt, ask questions and seek out advice from a trusted real estate professional!