Renters could be less surprised by the actual cost of an apartment now that major rental-housing platforms are working with President Joe Biden to eliminate “junk fees.”
The cost of renting will be more transparent on three major rental-housing platforms — Zillow, Apartments.com and AffordableHousing.com — which are adding price disclosure features to their websites.
Zillow
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launched a Cost of Renting Summary for its apartment listings on Wednesday, which states the total cost of renting, including security deposits and other monthly and one-time fees.
Apartments.com will launch a calculator later this year that renters can use to figure out the whole cost of renting a particular unit, including recurring monthly fees.
AffordableHousing.com will require transparency from owners about all the costs for an apartment listing. Renters will be able to identify landlords with a track record of reasonable fees, best practices, full disclosure and no junk fees through a new “Trusted Owner” badge.
These announcements come as Biden continues his crusade against junk fees and focuses the efforts on lowering costs for renters.
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Previously, apartment seekers paid more than expected since prices on websites did not include things like application fees, “convenience fees” for paying rent online, trash collecting fees, or “January fees” that some apartment owners charge at the beginning of the year for no clear reason, the White House said.
Renters are less capable of comparing different listings when hidden fees make the actual cost of an apartment unclear, the White House said in a statement.
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