let’s talk: NY SECURITY DEPOSITS: WHAT CAN LANDLORD’S DEDUCT FROM A TENANT’S SECURITY DEPOSIT
I am currently doing some work up in NYC and was discussing the topic of security deposits. What can landlords deduct from your security deposit? Let’s talk about that.
So, as we do, let’s talk Real Estate, let’s talk NYC SECURITY DEPOSITS: WHAT CAN LANDLORD’S DEDUCT FROM A TENANT’S SECURITY DEPOSIT…
Here is the rule of thumb. As landlords we can deduct;
– Anything outside of normal wear and tear
– Any unpaid rent
– Additional breaches of the lease agreement
But this is super vague so what does this really mean?
NOLO created this guide of example for us to use:
Too many times landlords and tenants get into arguments as to how to best handle a security deposit. But there are some ways we can avoid this. See below.
(1) (If you are a landlord) Set Expectations Upfront
I think it is also best to clearly state expectations BEFORE within in the lease – even if it is an addendum. While the expectations is that the apartment should look the same way it did when you first moved in, I would explicitly state that is what you expect.
(2) (If you are a tenant) Ask Your Landlord What The Expectations Are BEFORE You Hand The Keys Over
If you check in with them before you move out, you can make sure you get the apartment up to par so that you do not lose any of that security $$.
(3) Document EVERYTHING.
Document what the apartment looked like before the keys were handed to the tenant.
Document what the apartment looks like as soon as the tenant moves out.
Document it all so that there is no argument as to who made what mess, or what state the unit was in.
If you are a landlord and plan to keep some of the security deposit, document why and how much and what it is being used for.
All in all, communication is key here!
As for my personal views on the matter, I typically return security deposits in full as long as there is no damage to the property or furniture left behind. But the thing here is; while there are a TON of rules around security deposits and where to keep them and when to return them. There are not a ton of rules as to what is considered normal wear and tear, which can lead to a TON of debate. So I am curious, for all my landlords and renters on here- what has been your experience with security deposits?! Do you typically return them in full? Has your landlord ever kept yours? Let us know!
p.s. Did I mention that my listing on the Upper East Side is still available?! Check it out below!!
210 East 63rd St Unit 3A New York, NY 10065
This is a JR 1 Bedroom located in a Co-op building on the Upper East Side. The building has a part-time doorman, a live-in super, laundry in the building and an elevator – all of which the tenant would have access to. The building is located just blocks from Central Park and within close proximity to amazing shopping including Bloomingdales, Bergdorf Goodman and charming NYC UES boutiques! It is centrally located amongst great restaurants, including Fig and Olive, Scalinatella, Hillstone (my personal favorite), David Burke Tavern and other eateries! It sits just blocks away from Whole Foods and Citarella Gourmet Grocery Stores. Finally, and perhaps best of all, it is located on the same block as the subway station giving the tenant easy access to the 4,5,6,N,R,Q,W,E & F trains.
I have included two links to two different virtual walkthroughs;
Walkthrough With Current Tenant’s Furnishings
I always think it is best to see the unit professionally staged as well. Please see a link to that here.
We have priced this in response to the current market and the owner is even willing to take on ALL of the application fees set in place by the Co-op. Basically, you get all of the perks of living in a Co-op building, without having to pay the crazy Co-op mandated application fees. It is pretty much the best deal ever if you ask me 🙂 Check it out and please me know if you or anyone you know may be interested at all.
|Happy Wednesday! & Stay Healthy!|
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