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We don't call it "key money" in the US, but you'll be paying something like 10% of your annual rent to a broker in places like NYC. In some markets the landlor
by jrockway 4y ago
We don't call it "key money" in the US, but you'll be paying something like 10% of your annual rent to a broker in places like NYC. In some markets the landlord pays these fees, but in other markets where demand is high, the tenant gets to pay. Combine this, your first month's rent, and a security deposit, and Tokyo doesn't seem much different than the US.
- bmitc 4y agoBroker’s fees, first and last month’s rent can be common in big cities. It still doesn’t match what I’ve seen in first hand accounts of renting in Tokyo. I can’t remember about how much of the renting fees are refundable or not, where in the U.S., typically only the broker’s fee is non refundable. And I certainly don’t hear anyone saying places with these policies are surprisingly cheap. The person I responded to said that Tokyo is surprisingly cheap if you compare it to California real estate in the major cities (read as LA or San Francisco) and be willing to take major cuts on space and standard of living. That’s sort of a weird argument. Additionally comparing it to NYC doesn’t make it less weird. Of course living in Tokyo is cheap if you throw out standard of living, ignore the initial capital required to rent, and then compare it to some of the other most insane real estate markets.