Security Deposit Excessive (New York, Union, York: apartment, renters, credit)

[Newby99]

Hello,

I moved to New York last week to start a new job and I went through a broker to find a place to live. We found something that looked appealing. I had a co-signer with me to ensure the deal didnt fall through, and we negotiated one month's rent and one months security deposit, plus the broker fee. The broker came back the following day and said that the deal was good to go, but he misread the landlord contract and that they want three months security($6600) and one months rent($2200), plus raise the monthly rent by $50 because of my dog, but when we negotiated the deal the broker knew I had a dog. I was floored they wanted an extra $4400. After speaking to NYC (DHCR) agent, they told me that the law states one months rent for security deposit, no more. My original quote including brokers fees was $7700, now it jumped to $12,000. Could someone please give me some insight on the renters laws. Can brokers give you a lowball quote after paying the non-refundable $225 rental application fee, and come back with a higher number?

[apvbguy]

Originally Posted by Newby99

Hello,

I moved to New York last week to start a new job and I went through a broker to find a place to live. We found something that looked appealing. I had a co-signer with me to ensure the deal didnt fall through, and we negotiated one month's rent and one months security deposit, plus the broker fee. The broker came back the following day and said that the deal was good to go, but he misread the landlord contract and that they want three months security($6600) and one months rent($2200), plus raise the monthly rent by $50 because of my dog, but when we negotiated the deal the broker knew I had a dog. I was floored they wanted an extra $4400. After speaking to NYC (DHCR) agent, they told me that the law states one months rent for security deposit, no more. My original quote including brokers fees was $7700, now it jumped to $12,000. Could someone please give me some insight on the renters laws. Can brokers give you a lowball quote after paying the non-refundable $225 rental application fee, and come back with a higher number?

yes it is excessive

[ontheGtrain]

They are ripping you off. Welcome to the city. Reality is since you have a dog you are screwed. NY landlords hates dogs. I highly suggest you walk away. You got beat on your 250. Once again, welcome to nyc. Good luck.

[Viralmd]

I would suggest you CAREFULLY read the extra-fine print in the agreement you signed with the broker. CALMLY and quietly discuss with him ANYTHING that he's violated in that agreement, because this might be something that you'd have to take to small claims court (where you don't need an attorney, just the relevant paperwork).

[Brooklyn_QueenBee]

They may be charging you this because you have a co-signer. My friend moved to Union City NJ and had mediocre credit, but a great job. The landlord asked up front that she give 3 months toward escrow, in case she defaulted on her rent. She had no problem paying this because of poor credit. Today, she is the proud owner of the apartment she rented. The 3 months went toward her closing cost.