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by xapata
3593 days ago
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No, there is no legal requirement. Other big cities often have brokers. Boston, for example, has many brokers, despite being much smaller than NYC. Brokers serve the owner, not the renter. While it may seem like the renter is paying the broker's fee, it's really the owner. Compare the rents of equivalent apartments, one with and one without a broker. You'll find that the one with a broker is "cheaper" by approximately the annualized broker's fee. [0] [0] My own research, randomly sampling Craigslist postings in NYC. |
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