What is your first thought when you hear about apartments for rent with no security deposit? Since rental prices in NYC are unbelievably high, it’s always nice to save some money. But doesn’t an apartment for rent with no security deposit sound too good? Let’s find out!
Security deposit is the amount of money paid by a tenant to a landlord. A security deposit can be in the amount of one or two months’ rent. The landlord can use this money in case the tenant damages the apartment in some way or violates any term of the lease agreement. So why would on Earth any landlord risk by giving his or her apartment for rent with no security deposit? Doesn’t all of this sound suspicious to you?
Such listing can definitely be a scam. Make sure you have the right to rent this apartment. If all the documents are okay, try to clarify the situation with the landlord. You will most definitely be charged the first and last months of rent when you move in. Won’t the last month’s rent be the security deposit? As a rule, you have to pay the last month’s rent and get your security deposit back after the move-out inspection with your landlord. But letting you live in the apartment with no security deposit? None would risk like this in New York.
If you decide to have an apartment for rent with no security deposit walk through the place with your landlord and document its condition, so there wouldn’t be any surprises when you move out. Another crucial point here is the lease agreement. Read it carefully, especially the part about the security deposit.
If the landlord hasn’t asked you for an upfront payment for any damages caused this doesn’t mean you can return the apartment in a bad condition. You can still receive a bill for any damage caused. So, when you find an apartment for rent with no security deposit learn all the details before signing the lease.