Wallet Watch newsletter: Prices are up. We can help with that.
Published monthly for New York, the Consumer Price Index (CPI) measures how much the prices of a fixed 'basket' of everyday goods and services have changed over time. Source: U.S. Bureau of Labor Statistics
Long Island’s latest inflation number came in 5.1% higher than a year ago — tough news for a region where everyday costs already feel punishing.
That’s why we launched Wallet Watch.
Each week, I answer reader questions about how to save money on Long Island. Last week, we looked at ways to cut heating and cooling costs. This week, we’re tackling broker fees.
Now I want to hear from you.
What’s the money question you need answered? Are you trying to lower a bill, avoid a fee, understand a local cost or make a smarter financial decision? Send walletwatch@newsday.com your toughest questions, and I’ll do my best to answer them with reporting, research and help from local experts.
From our readers
Kristie Mazzei from Facebook asks:
Why do tenants pay the broker fee?
That’s a great question. On Long Island, tenants often pay the broker fees. But that's not the case everywhere.
Last year in New York City, a new law took effect that prohibits brokers who represent landlords from charging broker fees to tenants. The law — called the Fairness in Apartment Rental Expenses, or FARE, Act — also requires landlords and their representatives to disclose other fees the tenant is responsible for before they sign a rental agreement.
On Long Island, however, renting is not standardized, according to national real estate brokerage Douglas Elliman. Who pays the broker’s fee depends on the transaction and who hired the broker. Often, that payment falls to the renter.
“Outside of New York City, many landlords pass along the cost of their own brokers to tenants as part of the rental transaction,” said Patrick Fife, general counsel at the Long Island Board of Realtors.
Referencing the FARE Act, he said: “Renters in New York City are only responsible for a broker fee if they separately retain their own broker to assist them in finding an apartment.”
If you’re a renter, here are some tips on reducing or avoiding a broker fee:
• If you’re hiring the broker, ask about the fee upfront and negotiate early..
• Use housing sites like StreetEasy to search for no-fee apartment listings..
• Search for rentals listed directly by the owner..
Have a question you'd like to submit? Confused by a bill? Spotted a price hike? Ask our team and we might answer it in the next edition. Email walletwatch@newsday.com or click here.
Brianne Ledda covers personal finance and affordability for Newsday. She previously covered Southold and Greenport for The Suffolk Times and is a graduate of Stony Brook University.
