security deposit updating? — Brooklynian

security deposit updating?

I have been a resident on Fulton and Classon for a year now. Just got my lease renewal and the management company is saying I need to update/add to my security deposit to mirror the increase in my rent. Has anyone else heard of this? Or had to do it.

Thanks!

Comments

  • that's pretty typical.

    ...if your lease states that they get to hold "one months rent" as a security deposit, they get to request an increase to the deposit whenever the rent increases.

    Keep a receipt.

  • I concur with whynot. I've done it in the past.

  • Yes..that is very typical... simply to update the security amount to the current rent amount.

  • In addition, the landlord is supposed to put that security deposit in an interest bearing account and mail your friend the check every year (less bullshit administrative fees). If they haven't ever sent it, there might be enough there to cover the difference.

  • PG-

    Said interest might be enough to cover the difference if the rent was only going up in an amount similar to prevailing interest rates.

    If Scrolls is not in a rent stabilized apartment with a landlord that is abiding by the amount of increase, s/he will need to come up with the difference.

    Often a few hundred dollars.

  • If I am not mistaken they only need to deposit in an interest bearing account if the building had six or more units. If its a large increase I know many friends who have paid a little extra the first few months to add to the security. Good luck and merry Christmas and happy new year. That goes to all on this thread also xoxo

  • This is standard operating procedure. No reason to be alarmed.

    I thought you got the check for your deposit plus intrest when you moved out?

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