Is 3 months security deposit for an apartment too much? (New York: rental, good credit)

[angloitaliana]

Hi,

We have been living in New York for 3 years in a doorman building and were thinking of moving to a pre-war elevator building with a super. As we are not US citizens, we were told that we would need to leave a 3 months security deposit, plus the broker fee. This sounds like a lot, especially as we have paid our rent every month on time for the last 3 years with TF cornerstone.

Is the new landlord right in asking so much?

would appreciate any feedback

thanks

[D. Scott]

Originally Posted by angloitaliana

Hi,

We have been living in New York for 3 years in a doorman building and were thinking of moving to a pre-war elevator building with a super. As we are not US citizens, we were told that we would need to leave a 3 months security deposit, plus the broker fee. This sounds like a lot, especially as we have paid our rent every month on time for the last 3 years with TF cornerstone.

Is the new landlord right in asking so much?

would appreciate any feedback

thanks

I have heard of first months, last months and security. 3 months security? never heard of this unless he/she is doing the above and wording it differently. Is your credit score ok? you appear to have a positive rental history.

[nycangel]

I once had to pay first, last , and two securities because I didn't make 40x the rent.

[angloitaliana]

Yes credit score fine. The broker mentioned that a few years ago they had someone from switzerland who didn't pay the rent for 6 months and then moved away so he is being cautious.

Thanks for reply, will check about the first/last and security as i wouldn't mind if that was the case but i resent them holding on to 12,000 dollars and then i still have to pay 1st month rent and broker fee

[angloitaliana]

we do make the 40 x rent and we have a good credit score so 3 months seems excessive

[bluedog2]

It does seem a little excessive but it's not the first time I have heard of this with foreigners.

I have also heard of landlords and management companies that refuse to rent to non US citizens under any circumstances.It is for the exact reason your prospective landlord has cited.They have no legal recourse if non us citizens decide to screw them out of large amounts of rent and leave the country.Unfortunately,I think it happens more than most of us think.

[angloitaliana]

Yes i can understand this, I would be cautious too but if we meet the rent, the credit score is good, my husband has worked for an investment bank for the past 13 years, we have letter from employer and we have paid our rent on time for the last 3 years in a reputable doorman building - I would think this would be enough !

[nobody69]

It's more common to ask for first and last. I'm American and I had a place I lived at for 2 years where the landlord asked for first, last, and security...maybe not the norm but landlords like this exist. Maybe they just need the extra upfront cash to pay their mortgage.

[angloitaliana]

ok thanks for info! Ill ring them and see whether the 3 months includes first and last

[bill83]

Op, if I were you, I will give them the middle finger and look some where else. Since you can afford $4000 rent with good credit, your choice is NOT limited.