Understanding Security Deposits and Rental Fees
6 min read
Upfront costs can add up fast. Understanding each fee helps you budget and recognize charges that may not be allowed where you live.
Security deposits
A deposit protects the landlord against unpaid rent or damage beyond normal wear and tear. Many states cap the amount and set deadlines for returning it — for example, New York generally limits deposits to one month's rent. Other states have different limits, or none.
Application and screening fees
These cover background and credit checks. Some places cap them (New York caps them at $20), while others leave them to the landlord.
Broker fees
Who pays a broker depends on local rules and on who hired the broker. In New York City, recent rules generally require whoever hires the broker to pay. Always confirm in writing before you apply.
Other common fees
Watch for:
- Pet deposits or monthly pet rent
- Amenity fees for gyms or roof decks
- Move-in or elevator reservation fees
- Parking or storage charges
Protect your deposit
Document the apartment's condition with dated photos at move-in and move-out, and keep copies of all receipts. Rules differ by state and city. Treat this as general information, not legal or financial advice, and check your local laws or a qualified professional for your situation.
Rules differ by state and city. Treat this as general information, not legal or financial advice, and check your local laws or a qualified professional for your situation.