Help Reshape NYC Broker Fees

New Yorkers are living in the grip of an affordability crisis. Many struggle to move within the city due to staggering upfront costs. Renters need to pay upwards of $10,454, on average, to move into an apartment. The largest portion of these upfront costs is the broker fees renters are required to cover.

We believe agents should be compensated for the work they do to market a property. We also believe renters should only be responsible for that compensation if they hire the agent. This is why we're advocating for broker fee reform in the state legislature. Read on to learn how you can voice your support.

Pushing for lower upfront costs is just one of the initiatives Zillow® and StreetEasy® are focusing on to address housing affordability in New York. We’re also engaging with policymakers to increase housing supply and protect renters and homeowners from discrimination.

Today's broker fee system doesn't work for renters or agents.

  1. Landlords enlist agents to market and show rental units
  2. Renters must pay thousands of dollars in broker fees for services they often didn’t request
  3. Real estate agents don’t always receive compensation for their time and, with other agents often showing the same listing, aren’t guaranteed to win the broker fee

StreetEasy believes:

  1. Renters should only pay a real estate agent if they’ve hired one – and broker fees should be transparent and negotiable
  2. A single agent should only represent one side of a transaction
  3. If an agent is representing a renter, there should be a written contract reflective of this relationship
  4. Renters should be able to choose whether or not they use an agent in the rental process, without any impact on their ability to sign a lease

Take Action: Email Your Legislators

Send an email to the governor and your state legislators to urge them to support broker fee reform.

“Between first and last month’s rent and an exorbitant broker’s fee, as well as moving costs, moving into an apartment has become equal to starting one semester of college.”

— Nick, Bronx renter

“I am essentially trapped in my current apartment.”

— Jackie, Manhattan renter

“If a landlord is too busy to dedicate time to showing their property, the landlord should pay for the convenience of having a broker!”

— Isabella, Brooklyn renter

“Trying to relocate to Brooklyn. I did find an apartment, but the move-in cost was well over $10,000. I'm retired and can not afford the cost.”

— Gail, Queens renter

“Recently, I decided not to take an apartment because of the broker fees. It was $3500 and I had never met the broker even after viewing the apartment 2 times. The viewings were self-service.”

— Krista, Brooklyn renter

Expanding on the Issue

How broker fees hurt renters and real estate agents

Here in New York City, renters often need to have a lot of cash – over $10,454 – just to move into a median-priced apartment. The bulk of these upfront costs goes toward broker fees. Landlords hire agents to market their rental units for free with no guarantee of compensation. In a StreetEasy survey, 82% of agents expressed disapproval of the time spent showing an open rental listing with no guarantee of earning a fee.

The larger market problem

New York City is facing a severe housing affordability crisis. In 2023, the median asking rent citywide was $3,475, rising 8.6% from the previous year and a staggering 7x faster than wages (up 1.2% over the same period)*. Beyond sky-high rents, the exorbitant upfront cost of moving leaves renters stuck in their apartments and financially unprepared for the future. StreetEasy data also shows 76% of NYC renters agree that broker fees are a barrier to finding rental apartments/homes.

Support this reform by spreading the word on social media.

  • Include the bill number: A09823
  • Tag @StreetEasy and @Zillow in your posts
  • Tag Governor Kathy Hochul and your state assembly member (how to find yours)

Take Action: Spread the Word

Use the tool below to populate a pre-made social media template, or feel free to edit your post as you see fit to spread the word.

What’s Next?

Changing broker fees is just one part of our broader effort to address NYC’s housing affordability crisis. We are actively working with legislators to impact policy changes in the following areas:

Lowering Upfront Costs
In addition to broker fee reform, allow tenants to pay their security deposit in installments rather than in full, which can significantly lower the burden of upfront costs.

Increasing Housing Supply
Alleviate housing shortages by adopting zoning laws and tax incentive programs to encourage and bolster housing development across income brackets, especially in hard-to-develop areas, including ADU/basement-apartment conversion and commercial-to-residential conversion.

Reducing Friction in the Process
Empower renters by strengthening enforcement of Fair Housing laws and allocating resources to increase education and tenant outreach regarding their rights.

Learn more about how Zillow and StreetEasy are advocating for consumers across the U.S. here.

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