Forget what you’ve heard: You don’t have to pay a ‘good faith’ deposit for a rental

If you are looking to rent in New York City, you might come across an agent asking for something known as a good faith deposit—usually a fee of $500 or so to hold an apartment while your application is being processed. But according to state regulators, that request violates the law. Brokers aren’t allowed to demand money to reserve an apartment while they review your application, confirmed the New York Department of State, which regulates real estate agents in New York state. Generally, you shouldn’t pay more than a $20-per-person application fee before you sign your lease, unless you’re renting in a condo or co-op.  

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Homes for Sale in Manhattan and the Bronx

A one-bedroom, one-bath, 1,129-square-foot apartment in a converted carriage house that has a large coat closet and a vented washer/dryer on the first level; a kitchen with marble countertops and breakfast bar, a den/home office, 10-foot ceilings, skylights and a decorative fireplace on the second level; plus mini-split air-conditioning, a solarium, a terrace and a roof deck, in a five-unit condominium that includes an 1885 townhouse, a virtual intercom and a super. Kalav Mistry, Elegran | Forbes Global Properties, 917-822-1348; elegran.com  

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U.S. Housing Report: Affordability Improves with Lower Mortgage Rates, but Sales Stall as Prices Remain High

In August, U.S. home sales reached a nearly 13-year low, prompting the Federal Reserve to cut interest rates by 0.50 percentage points on September 18th—the first such reduction since 2020. However, experts suggest this may be too little, too late, as home sales continue to decline despite easing mortgage rates.  

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