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The New York City Council just passed a measure to eliminate the requirement for tenants to pay one-time real estate agent fees.
A view of Newbury Street and Commonwealth Avenue in Boston. David L Ryan/Globe Staff
New York City passed a measure last week that would eliminate the requirement for tenants must pay real estate agent feesmaking Boston the last major American city to maintain this practice.
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Everything you need to know about the agency costs for your next rental
Before the New York City Council voted to pass the FARE Act on November 13, tenants were expected to pay the agent’s commission upfront, which can typically cost up to 15% of the annual rent from a landlord-hired agent . With this legislation, tenants no longer have to pay the fee unless they engage their own real estate agent.
In Boston, brokers must disclose this in advance if they are going to ask for compensation. The state regulation prohibits landlords from demanding more than the first month’s rent, the last month’s rent, the cost of a new lock and key and a new tenant’s deposit.
Massive Landlords Director Douglas Quattrochi told Boston.com in July that the tenant can and should negotiate with the landlord about the brokerage fee.
“My best advice would be to do whatever it takes to get the apartment because Boston is such a tough rental market,” Quattorchi said.
Tell us what you think: Should Boston follow New York and ban real estate agent fees for tenants? Use the form below or send an email to (email protected)and your answer may appear in a future Boston.com article.
Tell Us: Should Boston Ban Brokerage Fees for Tenants?
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