No Key Money AND No Deposit in Shinjuku — What It Actually Means for Students
"No key money, no deposit" removes two of the biggest upfront costs in Tokyo's rental market. Key money (礼金, reikin) is a non-refundable payment to the landlord — typically 1 month's rent. The security deposit (敷金, shikikin) is refundable but adds another 1–2 months upfront. Eliminating both can reduce your total move-in cost from the standard 4–6 months' rent down to roughly 2 months — a significant difference when you're starting student life in Tokyo.
In Shinjuku-ku, the highest concentration of zero-key-money, zero-deposit student listings cluster around Takadanobaba — the home station for Waseda University on the JR Yamanote Line and one of the densest student neighborhoods in Tokyo. Listings here run ¥80,000–¥105,000/month for a 1K, with landlords well-practiced in student visa applications and guarantee company arrangements.
Most student visa holders use a rental guarantee company instead of a personal Japanese guarantor. GTN (Global Trust Networks) is the most widely accepted option for international students in the Shinjuku area — a one-time fee rather than needing a Japanese contact to co-sign your lease.
For the full no key money guide, see no key money apartments Tokyo. For the broader student housing picture in Shinjuku, see our student apartments Tokyo guide.
Takadanobaba
The primary student hub in Shinjuku-ku — home station for Waseda University on the JR Yamanote Line, with one of the highest concentrations of language schools in Tokyo. No-key-money, no-deposit listings are common here, targeting student tenants directly. 1K rent: ¥80,000–¥105,000/month.
Okubo & Hyakunincho
Directly north of Shinjuku Station — an international community hub with multilingual supermarkets and services, and a high density of foreigner-accepted listings including zero-deposit options. 1K rent: ¥85,000–¥110,000/month.
Shinjuku-sanchome & Kagurazaka
East of the main station, quieter and more residential — close to Shinjuku Gyoen. Units here less commonly have both fees waived, but no-key-money alone is available. 1K rent: ¥88,000–¥115,000/month.
Nishi-Shinjuku
The high-rise office district west of the station — modern buildings with strong transit access, some of which offer zero-key-money specifically to attract younger professional and student tenants. 1K rent: ¥85,000–¥108,000/month.