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Two month security deposits is it legal?

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Two month security deposits is it legal?

Postby <whatsurpoint1@hotmail » Mon Mar 11, 2002 5:34 pm

Is it legal for a land lord to require two months security deposit in NY state?
<whatsurpoint1@hotmail
 

Re: Two month security deposits is it legal?

Postby Lilly » Mon Mar 11, 2002 10:58 pm

If you live in a non-regulated apartment LL can ask for whatever Ll can get as far as security deposit. If you are in a rent regulated apartment, if you sign a 1 year vacancy lease then it's 1 months security; 2 year vacancy lease then LL can ask for 2 months security. Just a thought, if the building you are moving into has received a J-51 tax abatement to offset capital improvements to the building, then all of the apartments in the building, even those that were deregulated, are now subject to rent stabilization for the duration of that tax abatement.Once that tax abatement runs out, then those aparrtments that were formerly deregulated go back to being deregulated, and those that were rent controlled or rent stabilized remain so. What that means is that during the length of the tax abatement the renewal lease increases are limited and are set annually ny the rent guidlines board, just like rent regulated apartments. Plus other good stuff.
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Re: Two month security deposits is it legal?

Postby consigliere » Tue Mar 12, 2002 10:47 am

If the apartment is rent stabilized, the landlord is entitled to a one-month security deposit, whether you sign a one-year lease or a two-year lease.

Check out DHCR Fact Sheet #9 - Security Deposit.
 
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