Take Three Steps to Get Tenant to Pay Security Deposit Increase

Take Three Steps to Get Tenant to Pay Security Deposit Increase



When you renew a rent-stabilized tenant’s lease and raise the rent, you’re entitled to collect an increase in the tenant’s security deposit. That’s because you’re legally entitled to collect one month’s rent as a security deposit. So if the tenant’s monthly rent rises, you may increase the security deposit to reflect the new, higher rent.

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