June 11th. That’s the day New York City renters could be free from paying a broker fee for agents who work on behalf of landlords—a longstanding practice that has frustrated legions of renters.

A new law, the Fairness in Apartment Rentals (FARE) Act, would require landlords to pay the broker they hire starting on June 11th, according to the NYC Department of Consumer and Worker Protection. The new law would be a relief for renters looking to avoid the hefty fee, but the FARE Act adds a lot of unknowns to what’s likely to be a hot summer rental market.

The biggest question is whether the FARE Act will actually go into effect as scheduled. The Real Estate Board of New York and a handful of brokerages sued to block the law in December. The court heard REBNY and the city’s arguments at the start of May, just over a month before the FARE Act is expected to go into effect

If it does go into effect, it’s yet unclear how the city’s brokers will respond—and few large brokerages were willing to discuss the change. Brick Underground reached out to eight of the top brokerages in NYC to talk about what renting under the FARE Act could look like, and only three agreed to chat.

One thing is for certain: Renters planning to move this summer need to be ready for a lot of unknowns.

“This is obviously going to be different for the city—it’s a bigger change,” said Matt Stouffer, CEO of Keller Williams NYC. “But there have been bigger changes than this, and we’ve made it through. And everybody’s ended up in even a better spot than before.”

A presumption of no fee

Under the FARE Act, you shouldn’t have to pay a fee to a broker to rent an apartment that a broker has advertised. 

The law states that any agent who publishes an apartment listing, with permission from the landlord, cannot collect a fee from the renter. Previously, brokers could ask a renter to pay even if they had listed a unit for the landlord.

“If you contacted a person and you’re renting the apartment that they advertised, then they do not work for you and you do not pay,” Anna Klenkar, a broker who has her own agency. “They are not allowed to charge you because they are advertising and representing that [apartment] on behalf of a landlord.”

Klenkar was one of the few brokers who testified in support of the FARE Act when it underwent a grueling, marathon City Council hearing in June. She said she worried that brokers could try to get around the new law by advertising some no-fee apartments, and then when a prospective renter gets in touch, asking them to sign an agreement to pay the broker to see other units.  

Fines for bad behavior

The FARE Act specifically prohibits brokers from “condition[ing] the rental of residential real property on a tenant engaging any agent,” but renters will still be on the hook for a broker fee when they hire a broker themselves.

That could open the door to unscrupulous brokers pressuring renters into hiring them, said Jared Antin, managing director and broker at Elegran Forbes Global Properties. 

“I believe it’s unethical to have someone show up at a property and sign something to go in and see it,” Antin said. “Can I envision brokers doing that? Unfortunately, yes. But it’s not the way that I would ever operate.”

If the FARE Act does go into effect, it’ll be up to the Department of Consumer and Worker Protection (DCWP) to enforce the law and fine bad actors. But as Curbed reported in April, fines for the FARE Act are lower than most broker fees.

A broker can be fined $500 to $2,000 for violating the FARE Act, according to the law. The New York Department of State, however, can impose additional fines of $2,000 and could revoke a brokers license on top of any penalties under the FARE Act, said Mercedes Padilla, spokeswoman for the Department of State.

As of June 11th, renters will be able to complain to the DCWP if a broker violates the law by calling 311, and can make a complaint to the DOS by filling out this form and emailing it to the agency. But how the law will be policed remains to be seen.

“There needs to be an enforcement arm,” said Jordan Melkin, an agent at Pepe Real Estate who supported the FARE Act in its City Council hearing. “But hopefully, tenants will have the confidence to, as a consumer group, say that they shouldn’t be forced to pay for this… And hopefully they will bring that attitude to the market.”

Know what you’re signing, and who you’re hiring

A broker should disclose whether they work for the landlord or would like to work for you. Unless you have a contract with a broker, you don’t have to pay them, said Daniel Marrello, sales manager and broker of record at Compass, in a statement to Brick Underground.

“Renters should know that they’re not obliged to pay a broker fee unless the broker is working directly on their behalf under a contract or written agreement,” Marrello said.

Almost every broker recommended that renters have a frank conversation with the brokers they meet when apartment hunting to clarify who they work for. 

“The conversation is really just about who works for who,” Stouffer said. “If you’re meeting this person through StreetEasy or Zillow or whatever, make sure you understand what that person’s job is.”

If you do hire a broker, you should know that broker fees are always negotiable and can range from 10 to 15 percent of the annual rent. And you should expect to be asked to sign a renter agreement, which outlines the fees you agree to pay the broker after you’ve found an apartment. Other than that, the rental process should be fairly similar to past years. 

“There may be additional disclosures and a written agreement if the broker represents the renter, but the overall rental process remains the same,” Marrello added. 

Should I wait until June to move?

When you move largely depends on your individual circumstances: when your lease is up, when you have the time to pack up your stuff, or when you can schedule a mover. 

If you want to move but don’t want to fork over a broker fee before June 11th, you can search online for no-fee rental apartments or try to negotiate a lower fee. Or you could wait until after the FARE Act goes into effect, assuming it’s not stalled by REBNY’s lawsuit.

“If you have the option of looking at the end of June instead of in May, that might be great,” Klenkar said. She cautioned that “rents do tend to go up in the summer, but we’re kind of in no man’s land.”

If the FARE Act is struck down or stalled in court, you might end up delaying your move in vain. But two legal experts have said that the lawsuit seems unlikely to succeed, and Governor Kathy Hochul recently threw her support behind the FARE Act in a video she and Council Member Chi Ossé, who introduced the bill in the City Council, released in April.

A representative for Ossé did not respond to a request for comment for this story. 

Century 21 Solid Gold Realty has merged with longtime central New Jersey brokerage Gloria Zastko, Realtors — a move that expands Century 21’s market presence further north and west into Middlesex County.

The 34-year-old North Brunswick, New Jersey-based agency will now operate under the name Century 21 Gloria Zastko Realty. The merger increases Century 21 Solid Gold Realty’s footprint to five offices and approximately 166 agents — up from four offices and 137 agents.

Founded in 1991, Gloria Zastko, Realtors is a full-service firm that consistently ranks first in sales in North Brunswick and among the top agencies in Middlesex County.

Broker/owner Andrew Zastko previously served as president of the All Jersey MLS and has been recognized as a top producer in the area.

Century 21 Solid Gold Realty was established in 2018 and is led by broker/owners Michael Barone and Steven Poole. The firm serves Monmouth and Ocean counties, including several communities along the Jersey Shore.

Leaders said the merger will give agents broader access to Century 21’s technology and tools while allowing the firm to tap into Zastko’s local reputation and market expertise.

“The decision to merge CENTURY 21 Solid Gold Realty with Gloria Zastko, Realtors was influenced by several key factors, particularly the alignment of our company cultures and shared values,” Poole said in a statement.

“Both companies have a long-standing commitment to exceptional service and a deep-rooted dedication to the communities we serve. This shared ethos creates a strong foundation for collaboration and mutual growth as our newly merged company will offer an unwavering dedication to meeting the diverse needs of homebuyers, sellers, investors, and developers across the region.”

Andrew Zastko emphasized that the merger had been carefully considered over time.

“This strategic merger was a long time in the making. After exploring many other opportunities, I felt that Century 21 Solid Gold Realty was the best fit for my company, agents, and clients,” he said.

“Gloria Zastko, Realtors has a stellar reputation for being dedicated to our community and providing comprehensive local real estate expertise to our clients. Our merger will further the value to both our agents and clients by expanding our reach with industry-leading marketing strategies, innovative technologies, and an unwavering commitment to exceptional client service.”

Zastko also noted the potential benefits for his agents.

“Our agents are excited about the opportunities for professional growth and collaboration that this merger presents,” he said. “With access to a larger network of experienced professionals, innovative resources, and comprehensive training programs, they will be better equipped to serve their clients.”

Australia’s real estate market remains a cornerstone of wealth for most Aussies, underpinned by a staggering $11.1 trillion in residential property value.

But while housing comprises 55.9 per cent of household wealth, market dynamics vary starkly between urban capitals and regional hubs.

New research from leading data-driven property investment advisory firm InvestorKit has identified Australia’s top-performing local economies and housing markets in a new whitepaper: ‘10 of Australia’s Economic Powerhouse Cities’.

On the capital front, Greater Sydney, Adelaide, Perth and Darwin featured prominently on the list, underpinned by surging population growth and an active job market.

But its key regional hotspots, including Dubbo, Townsville, Toowoomba, Newcastle, Geelong, Gold Coast and Sunshine Coast, that could truly see investors taking note.

“Local economies and housing markets are closely linked. A thriving or strongly recovering economy is often a precursor to a booming housing market, and a strong property sector can also help drive broader economic growth,” CEO and Head of Research at InvestorKit Arjun Paliwal said.

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The whitepaper examined a range of key economic and housing indicators across 10 local economies, including gross regional product, industry diversity, population growth, unemployment and job creation, construction pipeline trends, housing market pressures and affordability.

Mr Paliwal said one of the standout indicators identified was rental pressure, including the competition for rental properties in a given area, which often signals growing demand ahead of future capital growth.

“Although rental market pressure isn’t the whole story, rising rents and tight vacancies signal rising demand, which can flow through into price growth,” he said.

“Right now, Australia simply doesn’t have the housing supply to meet this demand. Until that changes, we’re likely to continue seeing low vacancy rates and elevated rental yields across many of our major cities.”

The 10 standout economic powerhouse cities in Australia, in no particular order, are as follows.

Greater Sydney

New South Wale’s economy is not growing as fast as the RBA cash rate remains high, with the eastern seaboard state ranking just fifth in terms of economic growth, according to the latest State of the States report by CommSec.

However, Greater Sydney, contributing more than one fifth of the country’s GDP, has shown resilience thanks to its large size, the government’s heavy investment in infrastructure improvement, and the surge in overseas migration in the past few years.

In the housing market, supply continues to rise while sales volumes remain steady, resulting in a gradual increase in inventory and moderate market pressure.

Combined with extremely low affordability, this is likely to lead to another year of subdued growth in 2025.

Greater Melbourne – Geelong

Victoria’s economy, much like New South Wales’, hasn’t led the nation in growth over the past year –but it’s performing strongly in key areas, including retail spending (9 per cent above the decade average) and population growth – up 2.1 per cent, second only to WA.

According to the InvestorKit whitepaper, the Greater Melbourne–Geelong region, in particular, is showing steady growth momentum.

Greater Melbourne continues to experience strong net overseas migration, while Geelong ranks as the second-highest internal migration destination among regional cities.

In the housing market, supply is continuing to rise while sales volumes remain stable, leading to a gradual increase in inventory and moderate market pressure.

As a result, short-term growth is expected to remain slow.
However, in the medium term, the region’s rapidly growing population, active job market, and relative affordability (compared to other major capital cities) are expected to drive a return to stronger growth.

Greater Brisbane – Gold Coast – Sunshine Coast

The South East Queensland trio has been a major beneficiary of internal migration in recent years.

Greater Brisbane leads all capital cities in net internal migration gains, while the Sunshine Coast tops the list among regional cities.

This booming population, coupled with significant infrastructure investment, particularly in transport and urban renewal, is set to support strong local economic performance across South East Queensland for years to come.

In the housing market, supply has been increasing faster than demand, leading to a rise in inventory levels since mid-2024.

While market pressure remains high, as seen in the persistently low days on the market, the growing inventory suggests gradual relief, which could result in slower growth over the coming year.

In addition, rapidly worsening affordability may limit these cities’ growth potential in the medium term.

Greater Adelaide

South Australia’s economy has remained resilient over the past year, ranking equal second (with Queensland) on CommSec’s latest State of the States economic performance leaderboard and first in economic growth.

As the capital city of this robustly growing state, Greater Adelaide is benefiting from major Defence Force contracts, the construction of the North-South Corridor, and a series of medical and educational infrastructure projects.

In 2024, Adelaide’s housing market was one of the most active and best-performing among the capital cities.
Market pressure remains high, evidenced by declining days on market and persistently low

inventory levels. This elevated pressure is expected to continue supporting healthy price growth into the year ahead.

Greater Perth

Western Australia and Greater Perth’s economy is staging a strong comeback, currently ranked #1 on CommSec’s latest State of the States economic performance leaderboard.

A booming job market is drawing thousands of new residents each year, fuelling both internal

and overseas migration.

Perth’s property market was the top-performing capital city in 2023 and 2024.

While market pressure remains elevated, early signs of relief, such as rising days on market and growing inventory levels since mid-2024, are emerging.

As a result, Perth is expected to see continued healthy growth in the year ahead, though likely at a more moderate pace compared to last two years’ surge.

Greater Darwin

The Northern Territory’s economy has not seen strong growth in recent years, currently ranking last on CommSec’s latest State of the States economic performance leaderboard. However, a substantial pipeline of infrastructure projects is expected to gradually stimulate

economic activity in the years ahead.

While Darwin’s house prices saw little growth in 2024, the market has been reactivated by investor interest in recent time, driven by its relative affordability and high rental yields. Market pressure is rising quickly, as shown by falling days on market and declining inventory.

As a result, a notable improvement in price growth is expected in the year ahead.

Greater Newcastle

The Greater Newcastle region’s economic growth has accelerated since 2020, with Gross Regional Product rising steadily, population growth gaining pace, and unemployment remaining at historically low levels.

The property market is showing clear signs of recovery, led by Newcastle itself.
This rebound is particularly evident in the declining days on the market, with houses selling more quickly over the past year.

While affordability poses challenges for local income earners, the region remains relatively affordable for buyers and relocators from Sydney, the capital city. With a few more interest rate cuts expected in 2025, the stage is set for continued healthy growth.

Toowoomba

Toowoomba’s local economy has returned to strong growth since 2021, recording 6.3 per cent Gross Regional Product growth in the past financial year.

In addition to this high growth rate, the city is also experiencing a declining unemployment rate despite high interest rate headwinds, alongside healthy population growth.

In the property market, pressure remains elevated. Days on market have stayed at their lowest level in 20 years, and inventory remains well below two months of stock.

While inventory has been rising slowly since late 2024 – a sign of gradual pressure relief – we still expect healthy price growth in the year ahead.

Townsville

Townsville’s economic growth has been gaining momentum since 2021, following many years of underperformance.

We’re now seeing accelerating Gross Regional Product growth, unemployment rates at decade lows, and robust population growth.

The property market has been riding the wave of this economic recovery, supported by an active job market, affordability, and Townsville’s appealing tropical coastal lifestyle.

Market pressure also remains high, with days on market having dropped to their lowest level in 20 years, and inventory falling to an extremely tight 1.15 months of stock.

This elevated pressure, combined with strong affordability and healthy rental yields, is likely to drive continued growth in Townsville’s housing market, especially in the high-interest-rate environment in 2025.

Dubbo

Dubbo’s economic growth has been strong since 2021, with Gross Regional Product rising by 5.6 per cent in the past year — well above the national average.

The thriving local economy is further reflected in a low unemployment rate of just 2.5 per cent.

While Dubbo continues to rely on traditional industries such as construction, manufacturing, mining, and agriculture, it is also seeing rapid growth in emerging sectors like renewable energy, agricultural research, logistics, and tourism.

The housing market is regaining strength following last year’s slowdown, as shown by declining inventory levels.

While the recovery may take some time, with days on market still trending upward, Dubbo is expected to build further growth momentum gradually as the local economy strengthens.

The post Australia’s top 10 economic powerhouse locations exposed appeared first on realestate.com.au.

It has played host to MPs and even housed an internationally renowned entertainer, and now this incredible Malvern home could be yours.

Bought by One Rundle Trading Co. director Josephine Marshall and her husband Andrew 13 years ago, Mrs Marshall says it has been quite the journey transforming the dilapidated property at 224 Wattle St into the grand family entertainer it is now.

“When we bought it, not a word of a lie, it was an absolute wreck,” Josephine says.

“It had been divided into four flats immediately after the Second World War, and I don’t even think the floors had been vacuumed since 1946 – there were cockroaches everywhere.

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“Part of it was condemned by the council and there was a shared laundry for the four tenants.
“When we moved in, one of the tenants was still in occupation and refused to budge, so it was basically like The Young Ones, but when we started the renovation he complained we were making too much noise and left.

“It’s a very good thing I’m married to a builder, because it was, of course, twice as much as we thought in terms of cost.

“It had been converted really cheaply and that actually really helped because instead of making major changes, they just covered everything up.

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“So we found missing doors in the corrugated iron shed, and we found the missing driveway gates there as well.

“Everything was just painted over or covered over.

“They turned it into a cheap tenement, but they didn’t actually take out any original detail.”

With its six bedrooms and detached coach house with kitchenette and ensuite, the home has enough room to accommodate even large families, or guests – be they family members or famous faces.

“SA Film Corp contacted me and said ‘we’ve got this famous Australian who’s going to stay in SA for six weeks to write this series with us and we thought that maybe your accommodation would be appropriate’,” Josephine says.

“So we ended up having Tim Minchin write the series Upright in the coach house, and he was an absolutely delightful guest.

“We’re also fortunate to have been invited to host former Prime Minister Scott Morrison, and Peter Dutton for lunch, and Jacinta Nampijinpa Price for dinner, and that was really fun.

“It was an absolute joy to reimagine this property from its really basic condition back to a noble house that was very accessible.

“I wanted every single room to be used and to be comfortable and fun, but in a way that respected a 19th century historic building in a historic suburb.

“And I feel that’s what we’ve done.”

The post Malvern home that’s hosted Tim Minchin, MPs hits the market appeared first on realestate.com.au.

The Allan government is facing a $5.4bn choice between 25 level crossing removals and an almost 20,000 home building surge to help tackle the state’s affordable housing crisis.

It comes as the Victorian Housing Peaks Alliance has warned Victoria is 80,000 social homes short of what is needed for the next decade, and the state has the lowest proportion of social housing in Australia.

As treasury prepares the state’s 2025-2026 budget for next week, the Community Housing Industry Association as well as the powerful Property Council of Australia, are calling for level crossing removal funds to be repurposed to build social housing.

CHIA has calculated redeploying the funds would allow for the creation of 17,823 additional social homes over the next decade, while putting $6bn into the state’s Social Housing Growth Fund would boost that number to almost 20,000.

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CHIA chief executive Sarah Toohey said it was time for the Allan government to prioritise the state’s “very pressing and urgent housing crisis”.

“The level crossing removals have done amazing things where they have been through, and there’s more public realm around the stations, but after 85 of them it’s diminishing returns,” Ms Toohey said.

“We have 55,000 households waiting for social housing right now, they are in a range of circumstances — and some are sleeping on couches and in cars and sleeping rough because they can’t get a social housing space.”

While early changes to the level crossing program had undoubtedly saved lives, Ms Toohey said it was known that homelessness caused early death and that there were families enduring domestic violence because they had nowhere else to go to.

Ms Toohey said after years of asking the government for more social housing funding, the response had always been “how do we pay for it”.

“So we have done the hard work of looking through the budget and finding what we can reprioritise,” she said.

The Victorian Housing Peaks Alliance data shows just 3.1 per cent of the state’s housing supply is social housing, compared to a 4.5 per cent national average.

Victorian Council of Social Services chief executive Juanita Pope said social housing was foundational for people being able to live a good life.

“Strong, sustained investment in growing public housing and community housing should be the number one infrastructure priority for this state,” Ms Pope said.

“It’s the key to solving our housing crisis and other big societal challenges.”

Property Council of Australia Victorian executive director Cath Evans backed the proposal, describing the state’s housing crisis as in need of urgent action.

“A redirection of funds that would kickstart the rollout of 20,000 new social housing homes would offer a much-needed boost to Victoria’s supply and ensure more vulnerable members of our community have a place to call home,” Ms Evans said.

“While infrastructure projects are essential to the fabric of a growing city, the government must prioritise housing if we are to continue to grow as Australia’s soon-to-be largest and most prosperous state.”

She added that reductions to taxes on foreign investment and more financial support for first-home buyers could also assist with establishing more housing availability for tenants and to help keep property prices from escalating and pushing more people into needing social or community housing spaces.

Common Equity Housing Limited chief executive Liz Thomas said the federal election result had been a “clear signal people want housing to be a priority”, and warned that waiting lists would continue to grow if social housing wasn’t made a priority.

A driving force behind co-operative housing formats, where struggling families and individuals are given a say in how their complex is managed, as well as secure, long-term residency, Ms Thomas said they could be virtually self funding once established.

Ms Thomas said most of the households moving into her co-op residences were couples or single parents with two kids — and not just people on government payments.

“They are hospitality workers, retail workers, independent retirees who don’t qualify for public housing,” she said.

Co-op resident and single mum Lucy Bowen is studying to become a speech pathologist to better provide for her young family.

But with her only alternative to community housing being living with her mother and brother in a three-bedroom home, said it was time to prioritise housing.

“I feel so secure and know that my children are living in a place that is safe, and that takes the stress off,” Ms Bowen said.

“And it’s housing that’s most important. Everyone needs safe and secure housing, especially children.”

Additional CHIA budget asks, which could all be made revenue neutral, include transferring general lease stock to the community housing sector, improving lending requirements for community housing organisations and trialling a Community Housing Sector Innovation Fund to support entrepreneurs seeking to increase social housing supply.

— Additional reporting by Brendan Kearns

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