Manhattan Rents Hit Record, Bidding Wars Intensify
Impact of the FARE Act on Rent Dynamics As the FARE Act mandates a new era in broker fee responsibilities, Manhattan's rental market stands poised for considerable shifts. The fare act implications suggest that by transferring broker fees from tenants to landlords, tenant affordability may improve. With violations of the law potentially resulting in fines up to $2,000, landlords must be vigilant in adhering to the new regulations. Historically, renters faced broker fees amounting to thousands of dollars, affecting their financial accessibility. This change is particularly significant as it represents a strategic shift in how rental costs are absorbed, which could mirror principles from real estate investment approaches that prioritize tenant access and affordability. With the enactment of the FARE Act, tenants are now expected to see a reduction in upfront rental costs. This shift particularly increases rental market affordability come June 2025. It may empower more renters who w...