{ "media_type": "text", "post_content": "How much is normal amount to pay management company for security deposit in NYC? Ours wants first month rent (which is normal) plus 4 months security deposit..", "post_id": "57eea999515541130086a057", "reply_count": 34, "vote_count": 0, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting", "feed_type": "crowd" }
null

How much is normal amount to pay management company for security deposit in NYC? Ours wants first month rent (which is normal) plus 4 months security deposit..

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Sounds like most people on this thread are not from NYC. NYC housing market is unique and circumstances like this are common. Renters require annual income of applicants to exceed a multiple of rent. Most landlords use 40x, but I've hear of it being higher. Therefore if monthly rent is $2K, you need $80K salary to qualify. When an applicant doesn't meet the income qualifications, the renter will ask for additional security deposit instead. This is likely what's happening here.

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I feel that if you can afford it. I know the situation sucks, but that's NYC for you. I don't think landlord is sketchy here, that's just the way it works. Have you considered parents cosigning? That would also allow you to meet the income requirements.

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F that noise

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I thought 1 months rent as a security deposit was pretty standard

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#slumlord

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Get outta there and tell him to fuck himself

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You are being ripped off. As a new renter they would ask for a garantor

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No no no! Something shady is going on here. Please don't do it!

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It's a reputable management company. They are saying we don't make enough

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A reputable management company on the internet?

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The market is so saturated that even though it sounds ridiculous to people who don't live in NYC, the renters can have these absurd requirements and still get the place filled. In short, if you don't pay it someone else will. These are just the things you have to deal with when renting in NYC.

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4 is insane ...

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NO. I'm from NYC. I've never heard this in my life. They do background credit and employment check. 1.5-2 months security and 1 month upfront. So the most you should be giving in total is 3 months rent upfront. Not including brokers fee of usually 1 month rent. Doesn't matter if you've rented before or not. If your credit is good you're good. I literally just rented a place 3 months ago and I didn't rent before but I have tenants on properties I own. If they don't have good credit I don't rent it. If their credits excellent I take 1.5 month. If their credits good but not excellent and def not "fair", I take 2 months.

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I rent my place from the owner, but had to pay Brokers fees when getting the place. They get you either way.

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I wish I could downvote the guy who said most of these people aren't from NYC. I've lived in 3 different apts here in NYC and have a ton of friends renting, and no one, ever, has paid 4 months security deposit

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4 months rent? I've never heard of that being a thing. I know they will up security deposit for bad or no credit sometimes

Tell em to get fucked

I have heard of them asking for more if you have bad credit but nothing like that - I think I had to pay first, last and security plus broker fee and it worked out to about 4 months though

If you get cosigners (parents) to help you meet the income qualifications then the additional security will go away. There are also companies that will cosign for you in order to meet these requirements for a fee (if parents won't help you out).

www.Insurent.com

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