Published October 6, 2026 · 5 min read · By Bulwark
The FARE Act. Local Law 119 of 2024, took effect on June 11, 2025. Its rule is simple: whoever hires the broker pays the broker. If a landlord lists a unit with a broker, the landlord pays the fee; the broker cannot collect it, or any part of it, from the tenant.
What changed
- A landlord’s agent may not charge the tenant a fee, and a landlord may not require a tenant to use a particular broker and pay them
- Tenants who hire their own broker still pay that broker
- Every listing and lease must disclose, itemized, every fee the tenant is expected to pay, application fees (capped at $20 by state law), deposits, and any others
- Violations are enforced by the Department of Consumer and Worker Protection with civil penalties starting around $1,000 and climbing for repeat offences, plus a private right of action
What it means for owners
The cost of leasing moved from the tenant to the owner, in practice it was always priced into rents, and most of the market has adjusted asking rents accordingly. What matters now is structure: a flat placement fee, quoted in writing before the unit is listed, so you know the cost of a vacancy and can compare it to the cost of a longer one.
How we structure it
- A flat placement fee per unit, agreed before listing
- No fee charged to any tenant, ever, on a unit we list
- All tenant-paid amounts (application fee, deposit, first month) itemized in the listing and lease
- Written screening criteria applied identically to every applicant, the same file protects you under the FARE Act, the Fair Chance for Housing Act and source-of-income law
Leasing and tenant placement covers pricing, photography, listing, showing, screening and lease preparation under these rules.
Need this handled?
Leasing & tenant placement is one of our services. We quote in writing within two business days.