The Average New Yorker Spends $10,454 in Upfront Costs for a Rental
Broker Fees Are the Largest Portion of Upfront Costs
Whether the tenant is required to pay a broker fee when signing the lease can make a significant difference in upfront rental costs. StreetEasy found that about half of rental listings on the market in 2023 were marked as no-fee, meaning no broker fe...
High Upfront Costs Are a Major Financial Burden to Renters
Based on the average upfront cost of $10,454, a renter earning the median household income in NYC ($74,694) would have to spend 14% of their annual income to cover the expenses required to sign a new lease. In reality, few renters find themselves ready to...
Lower-Income New Yorkers Face Higher Barriers to Moving Within the City — or Even Their Own Borough
Elevated upfront costs make moving to or within New York City a major challenge for many New Yorkers. Factoring in upfront costs and annual rents, a New Yorker earning the citywide median household income of $74,694 could afford just one in four (24.8%) ma...
What Are the Other Upfront Rental Costs?
Besides a broker fee, the most common upfront costs are security deposit, first month’s rent, application fees, and any additional miscellaneous fees that some landlords or buildings may charge. Consult our guide to rental fees that New Yorkers commonly en...
Recommendations for Expanding Renters’ Choices
While it’s important to ensure landlords have adequate protections against unpaid rent and damages to a rental property, a system that creates substantial financial barriers to moving into a new apartment does not benefit the rental market as a whole. Al...
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