New York City’s rental landscape is always in flux, but 2025 has brought some of the most significant changes in years. If you’re a renter, landlord, or just following the city’s housing debates, here’s a comprehensive look at the latest updates shaping tenant rights, rent control, and what it all means for your wallet.
1. Broker Fees: The FARE Act Shifts the Balance
As of June 11, 2025, the Fairness in Apartment Rental Expenses (FARE) Act is officially in effect, bringing long-awaited relief to NYC renters. Historically, tenants could be on the hook for broker fees amounting to 12–15% of annual rent—sometimes thousands of dollars upfront. With the FARE Act, that burden shifts: now, the party who hires the broker (usually the landlord) must pay the fee.
Key points:
Landlords pay the broker fee if they hired the agent to list or show the apartment.
Tenants only pay a broker fee if they hire a broker to find an apartment on their behalf.
Fines up to $2,000 can be imposed for repeated violations.
While some in the real estate industry warn that landlords may try to raise rents to offset these costs, supporters argue that spreading the cost over the lease term is far less burdensome than the previous upfront fees.
2. Good Cause Eviction: New Protections for Market-Rate Tenants
The Good Cause Eviction law, effective April 20, 2024, is a game-changer for many market-rate tenants. For the first time, landlords in NYC (with some exceptions) can’t evict tenants or refuse lease renewals without a valid reason—and rent hikes are capped.
Highlights:
Rent increases are limited to the lower of 5% plus inflation or 10% per year.
Landlords must show “good cause” (like nonpayment or lease violations) to evict or deny a renewal.
Exemptions: Small landlords (owning 10 or fewer units), owner-occupied buildings with 10 or fewer units, rent-regulated and affordable units, and certain high-rent apartments are not covered.
This law gives tenants new leverage to challenge excessive rent increases and arbitrary evictions, though enforcement and awareness remain ongoing challenges.
Are you facing eviction? Respond immediately to stop eviction. File your “Answer” within 10 days of receiving Notice of Petition and Petition.
Read: I Got an Eviction Notice in NYC: Your 24-Hour Action Plan
3. Rent Control and Stabilization: 2025 Updates
The Rent Guidelines Board (RGB) continues to set annual increases for the city’s more than one million rent-stabilized apartments. For leases starting between October 2024 and September 2025, the RGB has set the following increases:
Lease Type | Increase (2024–2025) |
|---|---|
One-year lease | 2.75% |
Two-year lease | 5.25% |
For a typical $1,500/month apartment, that’s about $41 more per month for a one-year lease.
These increases mark the fifth straight year of rent hikes, and while modest, they add up—especially for the 46% of NYC renters already spending more than a third of their income on housing.
The RGB recently lowered the proposed range for two-year lease increases after public outcry, with a final vote scheduled for late June.
4. Ongoing Tenant Protections: The 2019 Tenant Protection Act
NYC renters still benefit from the Housing Stability and Tenant Protection Act of 2019, which brought sweeping reforms:
Security deposits capped at one month’s rent, returned within 14 days of moving out (with an itemized statement for any deductions).
Application/background check fees capped at $20.
Landlords must give 30, 60, or 90 days’ notice for lease termination or rent increases of 5% or more, depending on tenant tenure.
Stronger penalties for illegal lockouts and retaliation.
5. The Big Picture: NYC’s Housing Chess Match
As housing advocate Maria Chen puts it, “It’s like watching a high-stakes chess match where the board is the five boroughs and the pieces are buildings… In the end, this isn’t really about percentages. It’s about whether teachers, nurses, artists, and the people who make New York ‘New York’ can still afford to live here. It’s about whether this remains a city for everyone or becomes a luxury product for the few.”
For tenants: The new broker fee law and Good Cause Eviction protections offer real, tangible relief—especially for those facing volatile market rents and high upfront costs.
For landlords: Operational costs and regulations continue to rise, and the market is shifting toward stability over speculation.
For policymakers: The balancing act between affordability, property rights, and housing quality is more delicate than ever.
Key Takeaways for NYC Renters in 2025
Broker fees are now the landlord’s responsibility (unless you hire the broker yourself).
Rent increases for stabilized apartments are capped at 2.75% (one year) and 5.25% (two years).
Good Cause Eviction law limits rent hikes and arbitrary evictions for most market-rate tenants, with notable exemptions.
Security deposits and application fees remain tightly regulated.
The bottom line: NYC’s tenant rights are evolving, offering more predictability and protection for renters—but the fight for truly affordable housing continues.
Stay informed: For more details or legal support, check official city resources and tenant advocacy organizations. The next chapter in NYC’s housing story is still being written—make sure you’re part of it.
