You may need to pay the broker or landlord money in two stages when you:
- submit an apartment application, and
- sign the lease.
When you submit an apartment application, you most likely will need money for:
- Application deposit, which is refunded to you once you sign the lease.
- Credit Report Fee. Most likely the landlord will check to see if you will reliably pay your rent on time.
When you sign a lease, you also pay the landlord a certain amount, which varies from landlord to landlord. The following, though, are the most common fees:
- First month's rent.
- Security Deposit, which is often equivalent to one month of rent.
- Broker's fee, which can equal a certain percentage of the year's rent or one month's rent (if, of course, you use a broker).
- Last month's rent. This is less common, but some landlords require it.
- Renters Insurance downpayment – usually a low cost way to protect your belongings. Typically one month payment is required to intitiate coverages
Basically, you may need to pay an amount equivalent to 2-4 months' rent. The landlord often requires the first rent payment and security deposit be paid with certified checks or money orders, both of which require cash to obtain, so make sure you have enough saved up when you are ready to rent an apartment
