Zero-deposit, zero-key-money apartments (0/0 properties) can significantly reduce your upfront costs. However, rent might be higher than market rates, and unexpected fees may arise when you move out. We explain the right way to compare and what to watch out for.
Reviewed by: Nobuyuki MoriPresident, M-Assets Co., Ltd. / Licensed Real Estate Transaction Specialist (Miyagi #018212)
## All Initial Cost Items Required for Apartment Rental Contracts and Average Rates Renting an apartment requires more than just monthly rent. The "initial costs" paid upfront at the time of contract typically amount to three to five months of rent, making up a large portion of your moving budget. However, many renters proceed with contracts without a clear understanding of how these initial costs break down
A complete breakdown of upfront costs for rental contracts, including market rates. Learn how to calculate security deposits, key money, agency fees, prepaid rent, fire insurance, and key replacement costs—plus legal negotiation tactics to reduce your initial expenses.
A clear explanation of the differences between security deposits, key money, and renewal fees in rental contracts. From cases where security deposits aren't returned to considerations for zero key money properties, renewal fee negotiation methods, and strategies to reduce overall initial costs—a real estate professional thoroughly addresses your questions about rental expenses.
"Zero-deposit, zero-key-money" apartments advertised as "0/0 properties" appear at first glance to be great deals that significantly reduce your upfront costs. However, you can't say that all zero-deposit, zero-key-money apartments are truly good deals.
In this article, we explain in detail how zero-deposit, zero-key-money apartments work, their actual cost structure, their pros and cons, and what to watch out for when choosing one.
In traditional rental contracts, it was common to pay security deposits (one to two months' rent) and key money (one to two months' rent) as upfront costs. With zero-deposit, zero-key-money apartments, these are no longer required, so move-in expenses are significantly reduced.
However, there are mainly two types of zero-deposit, zero-key-money apartments.
Type ①: A Truly Good Deal
When a property has been vacant for a long time or the landlord wants to fill it quickly, they may waive the security deposit and key money to attract tenants. In this case, it's purely a benefit for the renter.
Type ②: Recovering Costs Under Different Names
When the rent itself is set higher than market rates, or monthly "guarantor fees" or "maintenance fees" are added on top. When you calculate the total amount you pay, it can end up being higher than a standard apartment.
Significantly Reduced Upfront Costs
Compared to apartments with two months' security deposit and one month's key money, if the rent is ¥70,000, you save ¥210,000. Being able to reduce a large upfront expense during a move is a major advantage.
Lower Barrier to Moving
With employment changes, transfers, or sudden life changes, it becomes easier to make a move quickly when needed.
No Risk of Security Deposit Disputes
With no security deposit, you won't face disputes over the deposit settlement when you move out (however, be aware that move-out cleaning or repair costs may be charged separately).
① Rent May Be Higher Than Market Rate
Compare the rent with similar properties in the same area and with the same conditions. If the rent is ¥5,000 higher per month, that's ¥120,000 more over two years. Even with zero deposit and key money, your total cost could be higher.
② Risk of Being Charged Full Restoration Costs at Move-Out
With zero-deposit apartments, you may be charged the full cost of cleaning and repairs when you move out. Depending on the condition of the apartment during your tenancy, unexpected expenses can occur.
③ Early Termination Penalties Are Often Included
Many zero-deposit apartments include clauses like "early termination within one year results in a penalty of one to two months' rent." This is especially important to note if you might need to relocate due to a job transfer or other reasons.
④ Property Condition or Amenities May Be Inferior
If the property is zero-deposit because it's been hard to fill, there may be issues with location or amenities. Ask the property manager why the property is zero-deposit.
To determine whether a zero-deposit, zero-key-money apartment is truly a good deal, compare using the following method.
Step ①: Compare Rent with Standard Apartments in the Same Conditions
Compare the rent with standard apartments (requiring two months' security deposit and one month's key money) in the same area and with the same conditions.
Step ②: Calculate Total Costs Over Two Years
Compare the initial costs plus monthly costs (rent + maintenance fee + guarantor fee) multiplied by 24 months for both options.
Step ③: Consider Move-Out Costs
If the contract specifies that you'll bear cleaning costs, key exchange fees, etc., add those amounts to your calculation.
By doing this calculation, you can avoid the pitfall of "appearing to be zero-deposit but actually costing more overall."
When considering a zero-deposit, zero-key-money apartment, be sure to check the following:
Zero-deposit, zero-key-money apartments are attractive because they reduce upfront costs, but "zero doesn't always mean a good deal." What matters is comparing the total cost from move-in to move-out.
Ask the property manager honestly "why is this zero-deposit?" and carefully verify the difference from market rent rates and who pays move-out costs before making a decision. Rather than jumping at low upfront costs, choosing a property based on long-term cost considerations is the first step to smart apartment renting.
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