If you are looking to rent in New York City, you might come across an agent asking for something known as a good faith deposit—usually a fee of $500 or so to hold an apartment while your application is being processed. But according to state regulators, that request violates the law. Brokers aren’t allowed to demand money to reserve an apartment while they review your application, confirmed the New York Department of State, which regulates real estate agents in New York state. Generally, you shouldn’t pay more than a $20-per-person application fee before you sign your lease, unless you’re renting in a condo or co-op.