New York Renters No Longer Charged Broker Fees

Renters in New York will no longer be charged broker fees.

The Department of State has released new guidance that bans broker fees for renters, which until now have been as high as 15% of an annual lease.

Brokers can still collect a fee, but it must be paid by the landlord -- unless a tenant hires them to find an apartment.

The Real Estate Board of New York has promised to fight the change, saying it will have a devastating impact on real estate agents, owners, and renters in the state.

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