One of the problems facing tenants — particularly younger and lower-income renters — is the slew of fees that must be paid even before the tenant occupies the apartment. A new renter can be expected to pay application fees, first and last month’s rent, a security deposit, and more.
With less than half of New Yorkers saving for an “unexpected expense or emergency” within the last year – the lowest rate among America’s largest cities – we know something needs to change.
What: An upcoming public hearing on New York City Council legislation to address the high upfront costs of renting an apartment.
- Introduction 1423A would limit broker fees charged to renters to one month’s rent, when the broker was hired by the landlord.
- Introduction 1424 would limit security deposits to one month’s rent.*
- Introduction 1433 would give tenants the option of paying a security deposit in six equal monthly installments.
- Introduction 1431A would require the return of security deposits within 14 days of the end of a lease.*
- Introduction 1432 would require brokers to give an itemized explanation of how any application fee will be spent.
*The rent regulation package in Albany addressed these measures, but the City Council believes that passing these versions would mandate local enforcement.
Who: You! Someone who has rented an apartment in New York City and been charged a fee to move in.
When: Thursday, June 27, 1 PM, City Hall Council Chambers
How: Show your support in two ways:
Testify at the hearing of the Housing & Buildings Committee. Come out in support of the legislation by sharing your individual story. If you wish to provide any statements, please bring several printed copies of your written testimony. If you are unable to attend, we encourage you to submit testimony online to hearings@council.nyc.gov. Your testimony helps to demonstrate your support of the legislation.
Share your story about high upfront rental costs. Send stories in advance of the hearing about broker fees, security deposits, and other rental costs.