How much should you save if you’re planning to Rent in Manhattan?
If you’re planning to rent an apartment in Manhattan, be prepared to save an amount that’s equivalent to 2-4 months’ rent. Here’s why:
- Some landlords require that you submit funds with your apartment application (refunded when you sign the lease)
- Most landlords require potential renters to submit to a credit check, which will incur a fee
- If you hire the services of a broker, expect to pay them either a percentage of your year’s rent or a percentage of one month’s rent once you’ve signed your lease
- Most landlords require that you pay first month’s rent up front, and some require that you pay first and last month’s rent up front.
Landlords will also often request that you pay your security deposit and first rent amounts with a money order or certified check, both which you’ll need cash to get.
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