New York City Council is set to vote on bill to reform rental broker fees

WNYC News

Most New York City renters have to pay a large upfront cost, just to secure their apartment. That money not only includes the first month’s rent and a security deposit, but also a broker’s fee that’s typically 12 to 15% of the year’s rent.

But the City Council is expected to pass a law that would reform the practice, requiring whoever hired the broker to pay the fee instead.

Anna Klenkar is a real estate broker at Sotheby’s who supports the bill. Dev Awasthi is the vice president of city government affairs for the Real Estate Board of New York, or REBNY, who opposes the bill. Both talked with WNYC's David Furst on how they believe the bill would affect tenants, landlords and real estate brokers.