Sublet in NYC
 

Hi there,

I'm going to NYC for a 3 month internship. I found a nice sublet but they are asking me for the full 3 months rent and a deposit. Is this usual? I understand that a deposit is necessary, but isn't it too much charging the whole stay in advance?

Any help will be greatly appreciated - thanks! :-)

Sarah

It's normal to have to pay first and last month's rents plus a security deposit. You'd have to pay for two of the three months plus deposit anyway.

It's not at all unusual for landlords in NYC to make completely unreasonable demands that would never be asked of a renter in any other place in the world. Now whether this is a legitimate sublet or not is another story. You don't give any background for where you found this apartment. Is it through a licensed real estate broker? On Craigslist? If the former, then you're probably ok ... if the latter, this is a huge red flag.

But in NYC, asking for a deposit of one month's rent plus first and last (plus a huge fee) is standard.

We rent out my son's condo when he's away over the summer. The last two year's we have asked for and gotten the entire rent in advance. It just makes a lot of sense for a landlord with respect to a short-term rental (I realize it may be difficult for the renter, and I'm not saying we wouldn't have taken less up front, but in both cases we've gotten the rent in advance).

The key is who you are paying the advance rent to. If you are paying to a renter who doesn;t have the right to sublet it's possible they will simply disappear with the money and you will be out of luck.

If this is the actual landlord (unlikely) they may want all the money up front as a guarantee that they won;t be stuck (since if you are interning you can;t provide the financial history they usually require of renters).

If this is a condo or co-op - the legitimate owner may want the money up front just because it's easier for them - and they don't want to have to chase you for rent later. (But if this is the case you need to be sure your sublet has been approved by the board or manager if necessary.)

I wouldn't be worried about the money up front - as pointed out you would always have to give 2 months - and in many cases you have to pay first month, security and realtor's fee up front - which would be at lest 3 month's rent.

My concern would be the legitimacy of the arrangements. Agree you need to explain the circumstances before anyone can usefully advise. Oh - and if you provide the address locals can confirm the building exists.

It's not unusual given your situation but I for one wouldn't agree to it unless you've seen the apt. IN PERSON, know it's decent and know it's legitimate and being sublet legally.