Guides Prices checked July 19, 2026
What moving to New York actually costs in 2026
The single best financial news for NYC renters in years: the fee stack that used to ambush every lease signing got cut nearly in half by law.
The short answer
Since June 2025, whoever hires the broker pays the broker — usually the landlord — and every fee must be disclosed in writing up front (the FARE Act). Security deposits are capped at one month by state law. So the standard upfront bill is first month plus one month deposit plus your movers; at a $3,500 rent that's roughly $7,000–8,500 all-in, where the old broker-fee stack routinely pushed $13,000. Checked July 2026.
- Broker fee paid by whoever hired them
- Deposit cap 1 month (state law)
- Income rule 40x monthly rent
- Guarantor rule 80x, or a paid service
The new math, before and after
For decades the ugliest number in a New York move was the broker fee — commonly 12–15% of annual rent, paid by the tenant to a broker the landlord hired. The FARE Act (in force since June 2025) ended that: the party who hires the broker pays the broker, and since landlords do most of the hiring, most renters no longer owe that fee at all. Landlords must also disclose every fee in writing before you sign. You can still owe a fee if you hire a broker to run your search — that's the honest exception, and it's your call to make.
| Line item | Before the FARE Act | Now |
|---|---|---|
| First month's rent | $3,500 | $3,500 |
| Security deposit (capped at one month by 2019 state law) | $3,500 | $3,500 |
| Broker fee (12–15% of annual rent) | $5,040–6,300 | $0 unless you hired the broker yourself |
| Movers (studio/1BR, local) | $500–1,800 typical | $500–1,800 typical |
| The all-in bill | ≈ $12,500–15,000 | ≈ $7,500–8,800 |
Qualifying: the 40x wall and the ways around it
Most landlords want annual income of roughly 40 times the monthly rent — $140,000 for that $3,500 apartment — or a guarantor earning about 80x. No 80x relative in the tri-state? Institutional guarantors sell the service, typically for a fee in the neighborhood of a month's rent; get the quote in writing and confirm your building accepts that company before paying anyone anything. Roommates' incomes usually combine, but ask how the building counts it — policies differ building to building.
Movers, trucks, and the calendar
Three rules cover most of it. Get three binding quotes — 'binding' is the word that matters; an hourly non-binding estimate on moving day is how horror stories start. Ask your building about the COI first — most managed buildings require movers to carry a certificate of insurance naming the building, elevator reservations included, and a mover who shrugs at the term is disqualifying themselves. Fight the calendar — everyone's lease turns over on the 1st, and May through September is peak season; a mid-month, mid-week move in the colder half of the year books easier and often cheaper. DIY with a rental truck stays the budget floor if you have the backs for the fifth-floor walkup.
The questions people actually ask
Do I still have to pay a broker fee in NYC?
Only if you hired the broker yourself. Since June 2025 the FARE Act puts the fee on whoever engaged the broker — for typical listings, that's the landlord. Every fee you do owe must be disclosed in writing before you sign. If a landlord's broker demands a fee anyway, that's a violation you can report to the city's consumer protection agency (DCWP) via 311.
How much can a security deposit legally be?
One month's rent, maximum — statewide law since 2019. It must be returned within 14 days of move-out with an itemized statement for any deductions.
What if I don't make 40x the rent?
A guarantor earning about 80x, an institutional guarantor service (budget roughly a month's rent as the fee, and get it quoted in writing), or roommates whose combined income clears the bar — building policies vary on combining, so ask first.
When is the cheapest time to move to NYC?
October through April, mid-month, mid-week. Summer and the 1st of any month are peak demand for both apartments and movers — rents list higher and trucks book out.
The sources
Where the prices and rules above come from. Check them yourself:
- NYC DCWP — FARE Act broker-fee FAQ — the enforcing agency's own guidance
- NYC 311 — broker fees — how to report a violation
- StreetEasy — what the FARE Act means for renters — the market view since June 2025
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