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Should Boston ban broker fees for renters? Let us know.
New York City Council just passed a measure to lifting the requirement for tenants to pay the one-time real estate broker fee.
New York City passed a measure last week eliminating the requirement for tenants to pay real estate broker fees, leaving Boston as the last major U.S. city to maintain the practice.
Before the New York City Council voted to pass the FARE Act on Nov. 13, tenants were expected to pay the agent’s commission up front, which can typically cost up to 15% of the yearly lease from a broker hired by the landlord. With this legislation, tenants will no longer be required to pay the fee unless they hire their own broker.
In Boston, brokers have to disclose upfront if they are going to charge a fee. The state regulation prohibits landlords from requiring anything more than the first month’s rent, last month’s rent, the cost of a new lock and key, and security deposit from a new tenant.
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MassLandlords executive director Douglas Quattrochi told Boston.com in July that the renter can and should negotiate with the landlord about the broker fee.
“My best advice would be to do anything you need to do to get the apartment, because Boston is such a difficult rental market,” Quattorchi said.
Tell us what you think: Should Boston follow New York and ban broker fees for tenants? Use the form below or e-mail us at [email protected], and your response may appear in a future Boston.com article.
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