Landlords can't ask for

Landlords can’t ask for ‘last month’s rent’ plus security deposit, thanks to new rent laws

Landlords can't ask for

It is now illegal in New York state for landlords to require you to pay last month’s rent in addition to a month’s security deposit when you sign a lease. New rent reforms clearly state that in nearly all cases, “no deposit or advance shall exceed the amount of one month’s rent.”

Nor can landlords require renters with bad credit histories or annual salaries less than 40 to 45 times the monthly rent to pay multiple months of rent up front. In the past, they’ve typically asked for anywhere from three to 12 months worth of rent.

Read Full Article on Brick Underground: https://www.brickunderground.com/rent/difference-between-last-months-rent-and-security-deposit

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