How Much Savings Should You Have Before Renting an Apartment?
The short answer
How much savings do you need before renting? Learn about security deposits, first and last month rent, moving costs, and emergency reserves by city and income level.
How Much Savings Should You Have Before Renting an Apartment?
The sticker price of an apartment is rarely what you pay upfront. Move-in costs — deposits, first month, sometimes last month, and moving expenses — can easily total 3–5 months of rent before you ever live there.
The Minimum: What You Need to Sign a Lease
Most landlords require at minimum:
| Item | Typical Cost |
|---|---|
| Security deposit | 1–2 months rent |
| First month rent | 1 month rent |
| Last month rent (some landlords) | 1 month rent |
| Application fee | $25–$100 per applicant |
| Moving costs | $500–$3,000+ |
Total range: 3–5 months of rent before you move in.
For a $1,800/month apartment in a mid-cost market: expect $5,400–$9,000 upfront.
By Market
| City | Avg Rent | Estimated Move-In Minimum |
|---|---|---|
| New York City | $3,800 | $11,400–$19,000 |
| San Francisco | $3,200 | $9,600–$16,000 |
| Los Angeles | $2,800 | $8,400–$14,000 |
| Chicago | $1,900 | $5,700–$9,500 |
| Austin | $1,900 | $5,700–$9,500 |
| Denver | $1,900 | $5,700–$9,500 |
| Phoenix | $1,600 | $4,800–$8,000 |
| Des Moines | $1,200 | $3,600–$6,000 |
| Wichita | $975 | $2,925–$4,875 |
Beyond Move-In: The Emergency Reserve
Most financial advisors recommend keeping 3 months of expenses in savings at all times. For renters, this typically means:
- 3 months of rent
- 3 months of utilities (electric, gas, internet)
- 3 months of basic living costs (groceries, transport)
Total emergency reserve: roughly 4–5x your monthly rent.
This is the "don't worry if I lose my job for 3 months" number. Landlords with more sophisticated screening increasingly look for savings as a secondary signal, especially for self-employed applicants with variable income.
The Verified Income Advantage
Landlords are significantly more comfortable with applicants who have:
- Income 3x+ the monthly rent (verifiable)
- Some savings history visible in bank statements
- Pre-verified identity and employment
Showing 6 months of clean bank statements alongside verified income removes most of the uncertainty that would otherwise slow your approval.
What You Can Do If Your Savings Are Thin
1. Look for no-deposit apartments. Some landlords and services offer deposit alternatives (monthly fee instead of a large upfront sum).
2. Negotiate. Landlords with vacancies will sometimes accept a smaller deposit for a stronger applicant.
3. Ask about payment plans for the deposit. Some private landlords will split the deposit over 2–3 months.
4. Pre-verify your income. The stronger your income verification, the more a landlord may be willing to flex on deposit terms.
5. Consider roommates. Splitting move-in costs makes every item above proportionally smaller.
Settl verifies your income and identity before you apply — giving landlords the confidence to approve you faster. Get verified →
Settl Editorial Team
Settl Editorial
Settl helps renters stand out in competitive markets through verified identity, income, and rental verifications. Trusted by landlords across the US.
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