Landlord Question and Answer Forum

I own a building in close proximity to a major university. In the past, I have rented units to international students. While one was an exceptional tenant, I had problems with two other leases. In one, I discovered 5 students living in a one bedroom apartment that had been leased to one tenant. In the other, the tenant signed a year's lease while concealing his intent to leave prior to expiration. He moved after 8 months and did several thousand dollars damage to the unit. It is impossible to pursue legal action for lease violation on an international basis. Can I require a different security deposit for international students in New York State? I can not afford to risk the losses I've experienced in the past. I normally require a security deposit in the amount of one month's rent. I would not feel comfortable with a deposit of less than 3 month's rent in these situations.

The amount of a security deposit for a rent regulated apartment is usually limited by law to one month's rent. Any more than that, and the landlord is in violation of the law. However, in free market rentals, the landlord is allowed to request any amount they wish.

Posted by Luis M, NJ on Wednesday, July 3, 2013