Broker Paywall Squeezes New York Renters as Inventory Drops Off Market

Renters in New York are paying brokers thousands of dollars for access to apartment listings that never appear on public platforms, a practice that emerged after the city banned landlords from passing broker fees to tenants in June 2025. Under the Fairness in Apartment Rental Expenses Act, the share of renters paying broker fees dropped from 31% to 15%, but publicly available inventory has fallen every month since the law took effect, including a 31% drop in June compared to the prior year. Brokers now charge one to two months’ rent upfront to show renters off-market units, effectively creating a two-tier rental market.

Apartment inventory typically rises 5.9% in June during New York’s busy rental season, but this year it declined sharply as landlords pulled units from listing sites....   ...more

RSK: This is what happens when government intercepts the free market.