It’s been just over a year since the implementation of New York’s historic rent reforms. At the time, landlords predicted that one of the big changes, a cap on the amount of security deposit they could collect, would inadvertently make renting more challenging for those who couldn’t meet the steep income requirements NYC landlords like to see. That scenario appears to be playing out.
Many landlords require renters to have both good credit and an annual salary of 40-45 times the monthly rent. In the past, if you had shaky credit or a lower income, you could offer a higher security deposit to offset the risk a landlord was taking on you. That option was taken off the table with new laws limiting the deposit to one month’s rent.