Hidden Costs of Renting in NYC Nobody Tells You About

Move-In Costs: What You Need on Day One

Before you even get the keys, expect to pay:

• First month's rent: Due at signing
• Security deposit: One month's rent (capped by law since 2019)
• Broker fee: Up to 15% of annual rent if applicable — on a $2,500/month apartment that is $4,500
• Application fee: Up to $20-50 (capped by law — anything higher is suspicious)
• Credit check fee: Often bundled with application fee

On a $2,500/month apartment with a broker, you could need $9,500+ upfront before you move a single piece of furniture.

Moving Costs

• Movers: $500-2,000+ depending on how much you have and how far you are going within the city. Get three quotes.
• Moving supplies: Boxes, tape, bubble wrap — $50-200 or free from liquor stores and Buy Nothing groups
• Elevator reservation fee: Many buildings charge $100-300 to reserve the freight elevator for your move
• Tips for movers: $20-50 per mover is standard
• Storage: If your new place is smaller, NYC storage runs $100-300/month for a small unit

Setup Costs in a New Apartment

• ✓Internet setup: $60-100/month (Spectrum, Optimum, Verizon Fios)
• ✓Con Edison electricity deposit for new accounts (refundable): $100-300
• ✓Renter's insurance: $15-25/month
• ✓Window air conditioners if no central AC: $150-400 each
• ✓Window guards if you have young children (some landlords provide)
• ✓New furniture if downsizing from a house or larger apartment

Monthly Costs Beyond Rent

• Electricity: $50-150/month depending on AC usage and apartment size
• Gas: $30-80/month if you have a gas stove or heat (some buildings include heat)
• Internet: $60-100/month
• Renter's insurance: $15-25/month
• Laundry: If no in-unit washer/dryer, budget $20-60/month for laundromat or building machines
• Parking: If you have a car, $200-500+/month for a garage spot in most neighborhoods

The Super and Building Staff

In buildings with supers and doormen, tipping at the holidays is a strong NYC custom — and practically affects how quickly your maintenance requests get addressed. Budget $50-200 per building staff member at the holiday season. In large buildings with many staff, holiday tips can total $500-1,000.

Lease Renewal Costs

When your lease renews, landlords often require updated proof of income and may run another credit check. For unregulated apartments, expect a rent increase — often 5-15% in a strong market. For stabilized apartments, the Rent Guidelines Board caps your increase annually.

Use Our Rent Calculator

RenterBuzz's Move-In Cost Calculator helps you estimate your full upfront costs including broker fees, security deposit, and first month's rent — so you know exactly what to save before you start looking.