A. Yes, it’s true, the new law allows only a one-month security deposit. This is unfortunate, because some prospective tenants have borderline credit, and now landlords may reject them as they don’t want to risk it.
Additionally, you must be prepared to return the security deposit 14 days after a tenant leaves the apartment, along with any itemized deductions.
Also, if you plan on raising the rent more than 5 percent, you must give longer notice—60 days notice for a tenant of one to two years and 90 days notice to a tenant who has lived in a unit for at least two years or has a lease of at least that length.
Another important point to consider is that instead of ten days to correct lease violations, tenants now have 30 days. There are some other new laws involving eviction, expanding the amount of time a judge can give a tenant. More details are available here. Q. I’m looking to purchase an apartment shortly. How are interest rates affecting the market?
A. Interest rates are at their lowest level in several years. Don’t walk, run to your local real estate agent to buy something. I seriously doubt that you will see these rates again for quite a while.
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