Up-Front Costs
Moving into an apartment costs $6,000-$10,000 upfront. Buying a $350K condo costs $42,000-$55,000. Here is every line item for both, with real 2026 numbers.
In most US cities, rental broker fees paid by tenants are uncommon. New York City and Boston were the big exceptions, and both have now changed the rule. In Massachusetts, since 1 August 2025 a broker's fee for a rental must be paid by whoever hired the broker: a landlord who lists through a broker pays that broker, and a tenant pays only if they engaged a broker to work for them (City of Cambridge Office of the Housing Liaison summary of the state law). First month, last month and a security deposit can still be required.
NYC passed the FARE Act (Fairness in Apartment Rental Expenses) in 2024, shifting the broker fee obligation from tenant to landlord in cases where the landlord hired the broker. The law took effect on 11 June 2025 and is firmly in force: a federal judge declined to block it and dismissed the real estate industry challenge, and on 13 July 2026 the Second Circuit affirmed that dismissal, rejecting REBNY's constitutional appeal. Landlords remain free to set rents, so some of the broker cost can surface in asking rents rather than as a separate fee.
If you are renting in NYC or Boston, budget for a broker fee only if you choose to hire your own broker, and treat any demand to pay the landlord's broker as a red flag worth reporting.
| State | Security Deposit Limit |
|---|---|
| California | 2 months rent (unfurnished), 3 months (furnished) |
| New York | 1 month rent |
| Texas | No statutory limit (landlord discretion) |
| Florida | No statutory limit (typically 1-2 months) |
| Illinois | No statutory limit; interest required on deposits held >6 months |
| Massachusetts | 1 month rent (as of 2024 reform; previously unlimited) |
| Washington | No limit on deposit; some jurisdictions limit total move-in fees |
| Colorado | 2 months rent (as of 2022; previously no limit) |
Source: NCSL (National Conference of State Legislatures) tenant protection database 2026. Always verify current law in your state before signing a lease.
Several companies offer deposit replacement products that let you pay a small monthly fee instead of a large upfront deposit. Jetty, Rhino, and LeaseLock are the major providers. Instead of a $2,000 security deposit, you pay $12-$25 per month for coverage that protects the landlord against damage and unpaid rent.
When deposit alternatives make sense: you are short on upfront cash but have stable income, or you want to keep capital invested rather than locked in a no-interest deposit. When they do not: if you are staying 24-plus months, the cumulative monthly fees often exceed a full deposit. A $20/month Rhino policy costs $480 over 24 months, more than a $2,000 deposit that was going to be returned in full anyway.
Moving costs are a significant but often under-budgeted part of the total move-in expense. Local moves (within the same metro) via professional movers: $500-$2,000 for a one-bedroom, $800-$3,500 for a two-bedroom. Interstate moves: $1,500-$5,000+ depending on distance and volume. Container/POD moves: $500-$2,000 for local, $2,000-$6,000 for cross-country.
For moving cost research, podsmovingcost.com provides current PODS pricing by distance and container size.
A broker fee is a commission paid to a real estate agent who showed you an apartment, typically equal to one month's rent or 15% of the annual rent. They were long standard in NYC and Boston, but both have shifted the fee to whoever hired the broker: Massachusetts since 1 August 2025, and NYC's FARE Act took effect on 11 June 2025, shifting the broker fee to the party who hired the broker (usually the landlord); it is firmly in force after the Second Circuit rejected the real estate industry appeal on 13 July 2026, though landlords remain free to set rents, so some of the cost can surface in asking rents instead. In most other US cities, broker fees for renters are uncommon or illegal. Always ask upfront whether a broker fee is required.
Some HOAs charge a one-time initiation or capital contribution fee at closing, typically equal to 1-3 months of the HOA fee. On a $450/month HOA, this can be $450 to $1,350 paid at closing in addition to the down payment and standard closing costs. This fee is sometimes negotiable and is occasionally paid by the seller as part of the purchase negotiation. Always ask for an itemized list of all HOA fees and one-time charges before making an offer on a condo.
For a $2,000 per month apartment in most US cities (excluding NYC and Boston): first month rent ($2,000), last month rent where required ($2,000), security deposit ($2,000), application fee ($50-$100), and moving costs ($500-$2,000 for a local move). Total: $6,500-$8,100. A broker fee of $2,000-$2,400 applies only if you hire your own broker; in NYC and Massachusetts a landlord can no longer pass on the fee of a broker it hired. Moving across cities adds significantly: interstate moves average $1,000-$5,000 via moving company. PODS or container moves for local-to-metro average $500-$1,500.
Condo closing costs for a buyer typically run 2-5% of the purchase price, depending on state. On a $350,000 condo: loan origination fee ($1,500-$3,500), appraisal ($500-$800), inspection ($300-$500), title insurance ($1,200-$2,500), attorney fee where required ($800-$1,500), transfer or recording tax ($500-$5,000 depending on state), and prepaid items including first-year HO-6 insurance and property tax escrow ($2,000-$4,000). States with the highest closing costs: New York, Hawaii, Delaware. States with lowest: Missouri, Indiana, South Dakota.
Sources: NCSL (National Conference of State Legislatures) security deposit statutes; NYC FARE Act, effective 11 June 2025 (NYC DCWP), upheld by the Second Circuit 13 July 2026. Closing-cost and moving-cost figures are typical market ranges, not a single published dataset. Last verified July 2026.
Updated 2026-04-27