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Only in NYC would a LL have the balls to ask for something like this and know that there will be some suckers that will allow them to get away with it.
Where do you live btw?
For those who dont know YES THIS IS NORMAL AND LEGAL. People need to know that most landlords are not one person anymore and management companies/landlord always ask for a w9 to be filled out for the security deposit. If you have lived someplace for many yrs and now have a new owner/landlord/management company then expect this to happen.
Every single deal ive had (real estate agent) with the exception of one this is the norm.
I am a LL and I did open a separate account (under my business account) on behalf of my tenant to hold his security deposit. It is called the "Client/Tenant Account" at Citibank. I get monthly statements and 1099 that's in his name. He has no access to the account but does earn interest on a monthly basis.
You rented the apartment without them getting your SSN? How did you get past the credit check?
I rented my apt. via a broker who did do a credit check. That broker died some years ago (and his small real estate agency no longer exists). So I doubt that the former management company ever had my SSN on their records.
I am a LL and I did open a separate account (under my business account) on behalf of my tenant to hold his security deposit. It is called the "Client/Tenant Account" at Citibank. I get monthly statements and 1099 that's in his name. He has no access to the account but does earn interest on a monthly basis.
I have never heard of a tenant getting interest on a monthly (rather than a yearly) basis for their security deposit.
I have never heard of a tenant getting interest on a monthly (rather than a yearly) basis for their security deposit.
I am not sure what you mean - it is his money sitting in the security deposit account so he is entitled to earn interest. He doesn't get to use it or have access to it but I do see the balance increase every month.
I am not sure what you mean - it is his money sitting in the security deposit account so he is entitled to earn interest. He doesn't get to use it or have access to it but I do see the balance increase every month.
Interest is usually paid the end of the year if there is any money left after the landlord has taken his administration fee and recent years I have not received anything at the end of year as sum was too small. So I am surprised that someone would actually receive a monthly interest check from their landlord.
Take it from a landlord like myself...it is legal. W9 are required to open a security deposit account for the tenant so any interest earned can properly be recorded and the tenant pays taxes on the interest earned. Security deposits accounts pay like .00000001%. They pay nothing.
As far as a landlord asking for your contact info and email, that is normal as well. I even request that info. I have a special management software program that is automated which automatically emails the tenant their rent invoices, late fee notices, lease renewals, etc. My tenants can even pay their rent online instead of mailing out a check, all in the convenience of your home. An email address is required to log in plus an email address for the tenants is helpful in communicating with the tenant since many people now have their emails fwd to their cell phones. Plus it creates a paper trail so a tenant can't say I didn't notify them of XYZ. My basis is covered.
As far as a tenant providing a social security number, when they deal with me, they have no choice but to provide their social security number as they must fill out my rental application which request their SS#. If they don't provide it, they don't get the apartment. It's that simple. I also require all prospective tenants to provide their most recent tax return to verify their income, a W2 is not enough and doesn't tell the whole financial picture of the prospective tenant. And once again, if they refuse to provide their tax return, they don't get the apartment and can look elsewhere.
If your current LL never asked for your SS# or your tax return when you first applied for the apartment, he is a dummy and setting himself up for things to go wrong if a tenant bails or owes money.
The idea is you use the tenant's SS# to sue them and garnish their wages if they wind up leaving owing you money. The outstanding debt owed to the LL stays on your record for 20 years! Plus you wind up destroying their credit for years to come, making it difficult for other LLs to rent to him and more expensive for the tenant to finance anything as banks charge higher interest rates to people with bad credit and/or never even bother lending them. Knowing these facts, at the end of the day it would not be a wise move for the tenant to leave owing money because somehow, someway, the tenant wind up paying for it eventually.
Take it from a landlord like myself...it is legal. W9 are required to open a security deposit account for the tenant so any interest earned can properly be recorded and the tenant pays taxes on the interest earned. Security deposits accounts pay like .00000001%. They pay nothing.
As far as a landlord asking for your contact info and email, that is normal as well. I even request that info. I have a special management software program that is automated which automatically emails the tenant their rent invoices, late fee notices, lease renewals, etc. My tenants can even pay their rent online instead of mailing out a check, all in the convenience of your home. An email address is required to log in plus an email address for the tenants is helpful in communicating with the tenant since many people now have their emails fwd to their cell phones. Plus it creates a paper trail so a tenant can't say I didn't notify them of XYZ. My basis is covered.
As far as a tenant providing a social security number, when they deal with me, they have no choice but to provide their social security number as they must fill out my rental application which request their SS#. If they don't provide it, they don't get the apartment. It's that simple. I also require all prospective tenants to provide their most recent tax return to verify their income, a W2 is not enough and doesn't tell the whole financial picture of the prospective tenant. And once again, if they refuse to provide their tax return, they don't get the apartment and can look elsewhere.
If your current LL never asked for your SS# or your tax return when you first applied for the apartment, he is a dummy and setting himself up for things to go wrong if a tenant bails or owes money.
The idea is you use the tenant's SS# to sue them and garnish their wages if they wind up leaving owing you money. The outstanding debt owed to the LL stays on your record for 20 years! Plus you wind up destroying their credit for years to come, making it difficult for other LLs to rent to him and more expensive for the tenant to finance anything as banks charge higher interest rates to people with bad credit and/or never even bother lending them. Knowing these facts, at the end of the day it would not be a wise move for the tenant to leave owing money because somehow, someway, the tenant wind up paying for it eventually.
I understand what you have written but do you also ask for the tenant employer contact information as well as 2 emergency contacts (why isn't one enough)? How can you end up owing the landlord money when they have your security deposit? What if a person is self-employed or in-between jobs?
In any case, I have been living in the same bldg. for several years already and regularly pay my rent. So what can the new management company (on behalf of the new landlord) legally require of me is really what I would like to know?
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