The True Cost of Renting in NYC: Fees, Deposits, and Move-In Costs
Moving into a NYC apartment used to mean handing over close to $13,000 before you had a key. The math changed meaningfully in June 2025, when the FARE Act shifted broker fees to whoever hired the broker — usually the landlord. Here's what you actually pay now.
The standard move-in costs
1. First month's rent — due at lease signing. Unavoidable.
2. Security deposit — capped at ONE month's rent. Under the 2019 Housing Stability and Tenant Protection Act, landlords of most residential units may not collect more than one month's rent as a deposit, and may not require extra months "for security." This applies regardless of your credit or income. If a landlord asks for two or three months as a deposit, that's generally unlawful for covered units.
3. Broker fee — usually $0 now. Under the FARE Act (effective June 11, 2025), a broker who publishes a listing or is hired by the landlord cannot charge the tenant a fee. Landlords must also disclose all tenant-payable fees up front in listings and leases. You only pay a broker fee if you hired the broker yourself to search on your behalf.
The law survived its legal challenge: the Second Circuit rejected REBNY's appeal in July 2026, so the FARE Act is settled law. Enforcement is handled by the Department of Consumer and Worker Protection, which has issued summonses and obtained refunds for renters charged improperly.
4. Application fee — capped at $20. State law caps tenant background and credit check fees at $20 total (or the actual cost, whichever is less), and the landlord must provide a copy of the report. Anyone charging $150 for an "application fee" is overcharging.
5. Move-in deposit / fees (condos and co-ops). If you're renting a unit in a condo or co-op, the building may charge move-in fees, deposits, and application/processing fees. These are building charges, not broker fees, and the FARE Act doesn't eliminate them. They can run several hundred to a couple thousand dollars — ask before you apply.
What a move now costs: three scenarios
$3,500/month market-rate rental building, no broker fee:
First month: $3,500
Security deposit: $3,500
Application: $20
Total: ~$7,020
$3,500/month condo sublet:
First month + deposit: $7,000
Application + move-in fee + deposit (refundable): ~$1,000–$2,000
Total: ~$8,000–$9,000
$3,500/month where you hired your own broker:
Above, plus a negotiated fee (historically one month or 12%–15% of annual rent) — $3,500–$6,300
StreetEasy analysis has estimated renters save roughly $5,000 on average in upfront costs where broker fees aren't collected.
The tradeoff nobody should hide from you
Landlords absorbing broker costs have, in part, passed them into rents. StreetEasy's own analysis attributed roughly a 1.1% increase in average asking rents to the FARE Act. So the saving is real but not free — it's front-loaded relief, paid back slowly in monthly rent. For most renters, especially those moving frequently, the trade still favors the renter.
Other costs to budget
Movers: $800–$3,000+ depending on size and distance; buildings usually require a certificate of insurance from the mover
Renters insurance: often required by the lease; $150–$300/year
Utilities setup: electricity, gas, internet — deposits possible with thin credit
Guarantor service fee (if you use one): typically 5%–10% of annual rent
If you're asked to pay something you shouldn't
Broker fee on a landlord-hired broker: file a complaint with NYC DCWP (311 or their website). Keep the listing screenshot, texts, and any receipts.
More than one month's security: raise it in writing; it's generally unlawful for covered units.
Over $20 for screening: same.
Document everything in writing before you pay. Recovering money afterward is possible but slow.
Quick checklist before you sign
Confirm in writing who hired the broker and what, if anything, you owe them.
Confirm the total move-in amount, itemized, before you commit.
Confirm building fees separately if it's a condo or co-op unit.
Get a receipt for every payment, and never pay cash.
Confirm where your security deposit is held — it must be kept separate from the landlord's own funds, and you're entitled to notice of the depository.
This article is for general informational purposes only and does not constitute legal advice. Fee rules depend on the specific unit and arrangement. Consult a tenant attorney or NYC DCWP for guidance. Sources: NYC Local Law 119 of 2024 (FARE Act); HSTPA of 2019; NY General Obligations Law §7-108; Real Estate Board of New York v. City of New York (2d Cir. July 2026). As of October 2026.
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