New York and New Jersey have recently issued Executive Orders allowing tenants to apply security deposits to rent. Many landlords are concerned that depleting deposits will compromise their security and renters’ accountability. But in an age of massive move-in and renewal concessions, could applying deposits to rent actually be the smart move and possibly even a competitive advantage? This webinar brings together experts in residential security deposits to discuss what landlords need to know to comply while protecting their portfolio as well as leasing of vacant units.
- What the regulations say and what you must do to comply
- Once deposits are applied to rent, how they can be replenished
- How to account for deposits (balance sheet) being used as rent (income)
- How this new regulation interrelates with the moratorium on evictions
- How deposits can be used to better negotiate a lease
- How deposit alternatives can help
Rosenberg & Estis