Why might I need to pay extra security?
There are several reasons a landlord might ask for additional security deposits from tenants and as much as 6 months of security might be requested from tenants that don't meet a landlord's strict requirements. The landlord asks for extra security to feel more at ease with the fact that a renter does not meet all their approval criteria. This way, even if the renter does not pay rent, they know that they have 6 months of reserves to offset any losses.
Can I avoid paying extra security?
Using a guarantor or co-signer might be an accepted way of avoiding extra security. Paying 6 months security deposit is a huge upfront cost in New York. With average rents above $3,500 a month, this could mean shelving off over $25,000 when you sign your lease. You will still have to pay your rent monthly, and only when you vacate the apartment will you receive your security deposit back.
What if I don’t want to pay extra security?
You may not have the option to pay extra security, and even if you can, you may prefer to use our professional guarantor service.