Posted on: February 05, 2020 01:30 PM

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Real estate rental commission has new rule

Starting Monday in NYC, the new law applies to the rental market. For landlords seeking tenants, must pay one month rental commission to the broker to bring prospective tenant. However, tenant can hire a broker to find an apartment for one month commission. The real estate board has filed to overturn the new law pending in court. So what's the advantage here, landlords can raise the rent to makeup the commission or tenant can rent directly without using a broke or agent. Many landlords are claiming the new law is effective so they can raise the rent to find qualified tenants who can afford an apartment. Another drawback for the broker is possible lawsuit by landlord if the tenant don't pay the rent.