Posted by TenantNet on May 09, 1998 at 10:01:37:
In Reply to: Is prepayment of rent a security deposit? posted by John on April 24, 1998 at 01:59:22:
: When I moved into my stabilized NYC apartment, the landlords would not accept my guarantors, so they told me that I would have to pay a years rent up front to be considered for the place. The rent was pretty reasonable, so I took a loan from my parents and did it. Now, after being here a year, I am thinking about moving out. Would it be possible for be to make a claim for the interest which would have accrued on the declining rent balance. If not, it seems like they found an easy way around the rent stabilization laws. Any advice would be appreciated.
It's not legal for landlords to demand rent a year in advance. You should be entitled to the interest. You could file an overcharge, but good luck with DHCR. Alternatively you could calculate it and deduct from the rent.
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