Most New York City apartments require rental fees before the tenant moves in and throughout the tenancy. Before committing to your next lease, consider what may be involved in renting an apartment.
The Application Fee
Anyone interested in leasing an apartment usually pays an application fee before even being considered for residency. A payment is charged to compensate the landlord for taking the time and effort to check the applicant's credit score, background, rental history, and criminal record.
Sometimes the application fee is refundable, but often it is not; most cost between $30 and $100.
The Application Deposit
Many landlords also charge an application deposit, which is distinct from the application fee. Application deposits are often called “holding deposits.” This charge takes the apartment off the rental market and temporarily holds it for the tenant while the application is processed.
Sometimes application deposits run a couple hundred dollars or more. Often landlords may choose to make the application deposit fee non-refundable if the applicant fails to qualify for the lease.
The Deposit
The apartment deposit generally is the cost of the first and last month's rent. It provides the landlord with an insurance policy of sorts in case the tenant damages the apartment. This way, the landlord will have the financial means to repair the apartment's damages.
Some apartment buildings will charge a non-refundable fee between $300 and $500 just to move in. This takes the place of the traditional deposit, but it won't be returned to the tenant, as the landlord is assuming that at least a couple hundred dollars’ worth of damage will be caused throughout the tenant's stay.
Other Monthly Fees
Plenty of big city apartment complexes also charge various monthly fees for things like administrative costs, utilities, and pets. Utility costs for services like electricity, heat, air conditioning, garbage removal, sewer, water, Internet and cable can add up quite quickly.
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