A Conversation with Peter Mancini, Keller Williams Empire
Interviewed by Merolyn Jimenez
New York City’s rental market shifted in a major way with the Fairness in Apartment Rental Expenses (FARE) Act. For Brooklyn renters, landlords, and brokers, the change affects who pays broker fees and how rental transactions are structured.
To clarify what this means on the ground, I sat down with Peter Mancini, Licensed Associate Broker at Keller Williams Empire, to walk through the real-world impact.
Merolyn: Peter, let’s start with the basics. What is the FARE Act?
Peter:
The FARE Act — Fairness in Apartment Rental Expenses Act — is a New York City law that changes who pays broker fees in rental transactions. If a landlord hires a broker to market an apartment, the landlord is now responsible for that broker’s fee.
Historically in Brooklyn, renters were often paying broker fees even though they didn’t hire the broker. This law shifts that responsibility back to the party who engaged the service.
It’s fundamentally about transparency and fairness in rental costs.
Merolyn: So what does this mean for Brooklyn renters right now?
Peter:
For renters, the biggest impact is financial.
Upfront costs in Brooklyn have always been significant — first month’s rent, security deposit, moving expenses. Broker fees could add thousands more. Under the FARE Act, if the broker represents the landlord, the renter does not pay that commission.
That lowers the barrier to entry for many tenants.
However — and this is important — renters can still choose to hire their own broker for representation. In that case, there must be a written agreement outlining compensation. The key difference is clarity.
Merolyn: How should landlords in Brooklyn be thinking about this shift?
Peter:
Landlords need to think strategically.
If they choose to hire a broker to market their property, they now budget for that commission themselves. That means evaluating pricing, marketing strategy, and lease structure more carefully.
Some landlords may adjust rent slightly to account for marketing costs. Others may absorb it as a cost of doing business in a competitive market.
But beyond pricing, compliance is critical. Listing agreements must clearly outline fee responsibility, and disclosures need to be transparent from the start.
This is not an area to “figure out later.”
Merolyn: And what does this mean for brokers operating in Brooklyn?
Peter:
It means professionalism and documentation matter more than ever.
Every relationship needs to be clearly defined in writing. Whether you represent a landlord or a tenant, compensation agreements must be explicit.
It also means brokers need to elevate the value they bring. If a landlord is paying the commission, the expectation for marketing, negotiation, and execution increases.
In my view, this actually strengthens the industry. It rewards brokers who operate at a higher level.
Merolyn: Do you believe this will change Brooklyn rental pricing overall?
Peter:
Markets adjust. They always do.
We may see some landlords price apartments differently. But Brooklyn is highly micro-market driven. Bay Ridge behaves differently than Park Slope. Downtown Brooklyn behaves differently than Windsor Terrace.
The FARE Act doesn’t change supply and demand — it changes cost structure transparency.
Well-positioned properties will still rent. Strong marketing still matters. Strategy still wins.
Merolyn: If someone is renting, leasing, or managing property in Brooklyn right now, what should they do?
Peter:
For renters:
Understand your rights. Ask who hired the broker. Get clarity upfront.
For landlords:
Review your agreements. Work with a professional who understands compliance.
For brokers:
Document everything. Lead with transparency. Deliver measurable value.
The rental market didn’t slow down — it evolved.
And when markets evolve, guidance matters.
Final Thoughts
The FARE Act represents a structural shift in how Brooklyn rentals operate. For some, it reduces upfront financial strain. For others, it requires operational adjustments.
But at its core, it promotes clarity — and clarity creates confidence.
If you’re navigating Brooklyn’s rental market and want informed, strategic guidance, I’m here to help.
Peter Mancini
Licensed Associate Broker
Keller Williams Empire
Delivering A Signature Experience
