NEW YORK, June 11 (Xinhua) -- The Fairness in Apartment Rental Expenses (FARE) Act went into effect on Wednesday in New York City, ending the longstanding practice that brokers marketing an apartment were paid a fee when a contract was signed and that fee had been paid by the tenant, and instead requiring the landlord to pay the marketing broker's entire fee.
"Such a fee is typically between 10 percent and 15 percent of the annual rent, which means renters might need to pay thousands of additional dollars before they can move in. That is especially burdensome for young and low-income apartment seekers who don't have a lot of cash on hand," reported The Wall Street Journal about the move.
