Shocked by those extra monthly apartment fees? 3 big rental sites plan to reveal them – Gist It

Shocked by those extra monthly apartment fees? 3 big rental sites plan to reveal them

Three major rental platforms, Zillow, Apartments.com, and AffordableHousing.com, plan to disclose extra monthly apartment fees to aid renters’ financial planning and decision-making.

What’s happening: Zillow is launching a new service that will include all fees like application fees, security deposits, parking, pet fees, and other additional costs.
* Apartments.com is set to roll out a calculator tool to calculate all upfront and recurring costs.
* AffordableHousing.com will require property owners to disclose all fees and upfront charges in their listings.

The big picture: The White House is backing such initiatives, having issued its own blueprint for a Renters Bill of Rights.
* Housing and Urban Development Secretary Marcia Fudge has called for ‘fairness and transparency’ for renters.
* Currently, a record 21.6 million U.S. households are spending more than 30% of their income on rent.

Of note: The National Consumer Law Center (NCLC) warns that hidden fees are increasing the financial burden on renters and could negatively impact their future housing opportunities and financial stability.
* The NCLC found instances of excessive and sometimes illegal fees, such as convenience fees, roommate fees, and unexpected January fees.

The catch: Despite calls from senior Biden administration officials for more competition and transparency around rental costs, no action is being taken to limit rental application fees.
* Landlords and property owners have opposed legislation capping rental application fees, arguing the need to charge reasonable fees and conduct comprehensive background checks.

View original article on NPR

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July 19, 2023

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