When Do I Get My Security Deposit Back? Will I Get it All Back?
When you rent an apartment in NYC, you generally will get your security deposit back 30 to 60 days after your lease ends, assuming you vacate the apartment. Here is how the whole process works.
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When you sign a lease in NYC, in addition to paying the first month up front or any brokerage fee, you are also asked to pay a security deposit which is usually one month of rent. Some landlords ask for two months of rent. The amount could also vary depending on how “qualified” you are.
Maximize Your Chances Of Getting All Of Your Security Deposit Back
During the lease term, you want to make sure you do a couple of things to maximize your chances of getting your entire security deposit back. If you are going to make any changes to the apartment, make sure you get the approval of your landlord first, and confirm whether or not the landlord will want you to restore the apartment to its original condition before the lease term is up.
For example, many tenants want to paint an apartment a specific color. Most landlords will allow this, as long as you restore the apartment to its original condition (usually white). If you don’t, the landlord may deduct money from your security deposit.
After your lease is up and you move out, the landlord is supposed to “inspect” the apartment in order to see if they want to deduct any money from your security deposit. Sometimes they do this inspection with you. Sometimes they do this when you are not present. The most impressive landlords will have done a walkthrough with you BEFORE you moved in, took notes, and gave you a copy so that you can compare the condition of the apartment then and now (similar to the process when you rent a car).
Most of the time, tenants will get back their full security deposit. Sometimes, the landlord may notice things like red painted walls, big holes in the walls, etc. etc and they have a right to charge you some money for these things. They are not supposed to deduct money from your security deposit for “normal wear and tear”.
What To Do If the Landlord is Not Being Fair With Your Security Deposit
Once in a while you may have a hard time getting back your security deposit. There is a legal procedure to follow. I am not an attorney so I can’t offer any legal advice, but I personally know tenants who have been successful at going after landlords to get back their security deposit. Thankfully, the landlord-tenant laws in NYC tend to be somewhat favorable to tenants.
For the record, I have lived in 8 apartments in NYC in 20 years and never had any problem getting my security deposit back. Occasionally there may have been a charge here or there, but I felt it was fair.
If you are looking for an apartment, please free to check out my website frēlē where you can find thousands of NYC apartments for rent. It is totally free to search and post listing on frēlē.
For more NYC rental tips, please go to frele.com/learn.
This article was written by:
Phil Horigan, NYC Real Estate Veteran
Founder, Frēlē, the free and honest NYC rental marketplace
Producer, Phil’s NYC Rental Tips [YouTube Channel]
Blogger: flowfreely.com
Instagram: @philiphorigan
Phil has been a licensed NYC real estate agent since 2004 working for some of the top real estate brokerage firms in the industry. He founded Leasebreak.com in 2013, and Frēlē in 2017. Frēlē and Leasebreak are free and transparent rental marketplaces to search for or post apartments for rent in NYC
Phil shot the video in the blog post with Douglas Elliman real estate agent Stephen Fitch. Stephen can be reached here on Douglas Elliman’s website.
Go to frele.com to search for NYC apartments (free service).