New York City apartment hunting is a sport full of unknowns, but the various fees that renters face remain one of the biggest of all. They include application fees, broker fees, and security deposits and can vary in price considerably. There are ways to avoid some of them, though they can in some situations be inescapable, and it can be difficult to know if the amount you’re being charged is fair or even ethical. Here’s everything you need to know about NYC renter fees.
In addition to the standard security deposit, application fee, and broker fee that renters can typically expect to pay, costs can also sometimes include a move-in fee. The security deposit, by New York State law, can’t be more than one month’s rent. Other costs, though, are less consistent.
In most cases, renters will be charged an application fee to cover the cost of a credit check done prior to renting someone an apartment. In New York State, that cost is capped at $20, though that limit doesn’t necessarily apply if the fee is being paid to a co-op or condo board.
Manhattan Rentals Under $3000 on StreetEasy Article continues below
Upper West Side 485 Columbus Avenue $2,650 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch. East Village 430 East 9th Street $2,450 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch. 325 East 88th Street $2,745 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch. East Harlem 424 East 116th Street $2,395 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch. East Harlem 2033 Second Avenue $2,500 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch. East Harlem 171 East 101st Street $2,700 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch. Lower East Side 49 Clinton Street $2,995 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch. East Village 87 First Avenue $2,500 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch. 21 Essex Street $2,400 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch. Lenox Hill 265 East 78th Street $2,695 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch. Lenox Hill 265 East 78th Street $2,750 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch. 354 East 89th Street $2,495 No Fee beds@1.5x Created with Sketch. bath@1.5x Created with Sketch.In some cases, renters in a condo or co-op building might also be asked for a move-in fee. This is a nonrefundable payment meant to cover small maintenance items, like fresh paint, done prior to a new tenant arriving. A move-in fee generally ranges between 20 and 50% of one month’s rent.
Other potential NYC renter fees include pet fees and amenity fees. Pet fees are typically one-time fees that can range from $500 to half a month’s rent, depending on the pet’s size, weight, and breed. Some buildings will charge a smaller monthly pet fee instead. In new developments or luxury buildings, renters may be charged an amenity fee, which usually falls between $500 and $1,000 annually. In some buildings, renters can choose to opt out of using amenities to avoid the fee.
Renting an apartment in a co-op building can often mean higher costs than in a typical rental building. In New York, caps on things like application fees don’t apply to co-ops and condos. As these buildings are typically owner-occupied, there’s less of a need to cater to renters with limited fees.
“The most confusing thing for people is to understand that the fees associated with a standard rental unit, just a management company and where you go in and you apply, can in some cases be significantly less than a condo or a co-op,” says licensed real estate agent and StreetEasy® Expert Joshua Rodriguez. “The co-op is operating as a cooperation, like a business, versus a management company. They can set their own application fees, so they set them higher.”
Renting in these buildings involves a high level of scrutiny from a co-op board. “You’ve got to give taxes and all these documents. It’s almost as if you’re buying.” Rodriguez sees these rentals more commonly in neighborhoods like Tribeca.
Brooklyn Rentals Under $3000 on StreetEasy Article continues below
