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  1. #1
    Join Date
    Jun 2011
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    1

    Default Six Month Security Deposit in NYC

    My question involves real estate located in the State of: New York

    Hi
    I am about to rent an apartment from a management company that demands that I put up a six month rent deposit rather than a letter of credit via the bank. ( I have no guarantor). Is this even legitimate?

    Thanks!

  2. #2
    Join Date
    Mar 2008
    Posts
    1,995

    Default Re: Six Month Security Deposit in NYC

    Quote Quoting nyphotog
    View Post
    My question involves real estate located in the State of: New York

    Hi
    I am about to rent an apartment from a management company that demands that I put up a six month rent deposit rather than a letter of credit via the bank. ( I have no guarantor). Is this even legitimate?

    Thanks!
    I worked in export finance and though I know what an LC is, but the average man on the street has never heard of it. I only know of one LL whose been approached by someone with such a deal, and the way he told me the story, he thought the guy was trying to pull a scam, so I told him if he is so uncomfortable with it, why would he want to go with such a tenant if there are many others to choose from with a job, credit history, guarantors etc.

    Six months deposit is not usual. My mother in law bought a coop ALL CASH, around $250,000 worth, but is retired, collects social security, and is on a pension. The coop boards criteria for carrying charges, several hundred a month, is someone has to have a job, a certain salary, a certain credit score, but in lieu of it, they would accept six months security. She paid the six months, but if I was to tell the coop board that we rather do a LC, they probably would tell us to take a hike. In fact, the other option was her children guarantying it, and after looking at all the options, a six month security sounds a lot cleaner.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Six Month Security Deposit in NYC

    Unless the unit is subject to rent control, New York doesn't limit security deposits.

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