Security Deposit

[tiredsecy]

I recently signed a two year lease renewal. My deposit has stayed the same since I first gave it ten years ago. I was wondering what happens when I do choose to move -- will I be suddenly penalized for not having increased the amount with each renewal? I was never asked to by the landlord and each landlord since just puts the same deposit amount down and crosses out any indicator of increase. Is this legal?

[mjr203]

They are entitled to collect more security when they give you a renewal lease at a higher rent. If they haven't done so thus far, I don't think you have to just hand them the difference, however, I think they could demand that you give them additional security (up to the rent amount) the next time you sign a renewal lease.

I don't think it's illegal for them to not collect the extra security deposit money. If you were to move, that security money they do have is yours (assuming place is undamaged and you don't owe rent) so at that point the extra $ you might have given them at some previous point would be moot. Conversely, If you owed rent or caused damages exceeding security deposit, it'd be up to them to get the difference from you in any case.

from h_o_u_s_i_n_g_n_y_c:
"When a lease is renewed at a higher rental amount, or the rent is increased during the term of the lease, the owner can collect additional money from the tenant to bring the security deposit up to the new monthly rent. Even though a tenant may be exempt from paying a lease increase because of his or her Senior Citizen Rent Increase Exemption (SCRIE), (See Fact Sheet #21, Special Rights of Senior Citizens), the tenant must still pay the increased security."

[tiredsecy]

This is the thing -- so the landlord CAN turn around after 10 years of not reflecting the increase in the security and ask it (and get it)when I decide to turn in my keys (let's face it, when someone has been in an apartment for ten years, there's going to be normal wear and tear but most landlords will peck at getting the full amount). If the landlord has consistently crossed it out for ten years as far as any increase to be reflected for the deposit, LL shouldn't expect me to cough it up later.

Wouldn't this be LL's loss for not doing this? I mean, this LL has never adjusted the security deposit, it remains the same as it has from day one. It would be ridiculous for LL to suddenly want the difference over a ten year period. Not that I'm getting any more money out of this -- I've never seen where the money is stashed and I've never gottten an accounting or banking statement for any interest accrued.

[Chimera]

When your lease is renewed, the landlord has the option of bringing your security deposit up to date, not when you turn in your keys. If the damages in your apartment exceed the security deposit, then the landlord can sue you for these damages in court. This is the case i situations where the security is current, as well.

[tiredsecy]

Who says the landlord doesn't get what they want? Sheesh.

As far as the LL suing for anything beyond the deposit, I wouldn't be surprised if they tried. Luckily, I have pictures of the place when I first moved in and of the various water leaks/damage that have taken place that inconvenienced me over the years that LL keeps slapping bandaids on to fix. All this for affordable housing.

The bastard's not getting one thin dime.