security deposit updating?

scrolls · December 2013

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!

whynot_31 · December 2013

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.

opossumqueen · December 2013

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

naturegurl · December 2013

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

pragmaticguy · December 2013

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.

whynot_31 · December 2013

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.

stacey · December 2013

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

newguy88 · December 2013

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?

security deposit updating?

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