We've tried to incorporate all the expenses incurred while looking out and shifting to a new apartment and calculated an effective rent per month. We've made the following considerations-

• The opportunity cost of paying a heavy deposit upfront and locking it for atleast a year, assuming a risk free return of 7% annually
• Brokerage, adjusted for a one time upfront payment
• Some societies have society movement charges which tenants have to pay upfront
• The cost of shifting belongings from one place to another
• A small fraction of rental deposit which is unfairly deducted by the landlord (4% of total deposit)