Most New York City apartments require a slew of rental fees before the tenant moves in and also throughout the course of his tenancy. Manhattan's largest apartment complex, Peter Cooper Village Stuyvesant Town offers beautiful and spacious no fee apartment rentals. Consider the following fees that could be involved in renting before committing to your next lease.
The Application Fee
Anyone who is interested in leasing an apartment will usually have to pay an application fee before even being considered for residency in the apartment. This fee 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 application fees cost between $30 and $60.
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 is the fee that takes the apartment off of the rental market and temporarily holds it for the tenant while his application is being processed. Sometimes application deposits run a couple hundred dollars or more. Oftentimes landlords may choose to make the application deposit fee non-refundable if the applicant fails to qualify for the lease.
The Finder's Fee
Some landlords even charge a finder's fee, also known as a move-in fee. It is usually a real estate broker who charges a commission for helping tenants locate a suitable apartment.
There is also the more traditional fee known as the apartment deposit. This generally 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 nonrefundable 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 duration of 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.
Peter Cooper Village Stuyvesant Town is pleased to offer no fee rentals in the heart of Manhattan. While PCVST does require a damage deposit, there is no finder’s fee, utility charges; Stuy Town even provides free moving coordination services. Check out our New Apartment Moving Checklist to make sure that your move goes as smoothly as possible!