Broker Fee Estimator
The upfront cash required to move into a NYC apartment is staggering. Calculate your true move-in cost.
Total Due at Signing
The FARE Act Context
In late 2024, the NYC Council passed the FARE (Fairness in Apartment Rental Expenses) Act, which aims to shift the burden of broker fees. Under this law, whoever hires the broker pays the broker.
However, while this legislation is rolling out, many renters are still encountering the traditional 15% model, especially on highly desirable apartments where landlords refuse to pay their agent's fee and push it onto the tenant.
Why 15%?
The 15% figure is not mandated by law; it is a long-standing industry convention. It represents 15% of the total annual rent. On a $3,500 apartment, the annual rent is $42,000, making the broker fee a staggering $6,300.
Legal Limits on Deposits
Under the Housing Stability and Tenant Protection Act of 2019, a landlord cannot ask for more than one month's rent for a security deposit, and they cannot ask for "last month's rent" upfront. If they do, they are breaking state law.