NYC Move-In Costs Explained: Broker Fees, Deposits, and First Month for International Renters

Two charges are standard at signing: the first month's rent, and a security deposit. New York's 2019 law caps the security deposit at one month's rent for essentially all residential leases — a landlord cannot require two months or “first, last, and security” as a deposit. Prepaying rent (for example, a few months up front) is a separate, optional arrangement some landlords accept in place of a guarantor; it is not the same as the deposit and is not capped.

• First month: paid at signing.
• Security deposit: one month maximum, by law.
• Prepaid rent (optional): a separate arrangement, not the capped deposit.

Historically a broker fee — often 12–15% of the annual rent — was a large, unexpected move-in cost. Under the FARE Act, the party who hires the broker is responsible for the fee, so a landlord's listing agent generally cannot charge it to the tenant. If you hire your own broker to represent you, you may still agree to pay that broker. The practical result: many listings are now no-fee to you, and you should ask who hired any broker involved before agreeing to a fee.

• Landlord’s broker: generally cannot charge you the fee under the FARE Act.
• Your own broker: you may still pay a broker you hire to represent you.
• Always ask: who hired this broker, before you agree to any fee.

New York caps what a landlord can charge to apply: the application fee for a background and credit check is limited to $20, and the landlord must provide a copy of the report or a receipt. Watch for charges dressed up under other names — “processing,” “admin,” or move-in fees — that try to exceed these limits. Amenity or move-in fees can be legitimate in some buildings, but they should be disclosed in writing, so get every charge itemized before you pay.

• Application fee: capped at $20 for background and credit checks.
• Get it itemized: every charge in writing before you pay anything.
• Be wary of renamed fees that try to exceed the deposit or application limits.

For a typical no-fee listing, plan on roughly two months up front: the first month plus a one-month security deposit, with an application fee of up to $20. If a broker you hired is involved, add that fee. To compare listings fairly, look past the sticker rent to the net effective rent, since a month of free rent or a concession changes the real monthly cost.

• Typical no-fee move-in: first month + one-month deposit (+ up to $20 application).
• If you hired a broker: add that broker’s fee.
• Compare net effective rent, not just the advertised monthly rate.