My daughter is moving to NYC for an 8-month study program, and we were told she needs a third-party guarantor for her lease. We’re from Ontario, so the process and terms are a bit different here. They’ve approved her and set a premium at $728 for a bond amount of $9247. Just wondering if that’s all we pay above the rent, or if there’s more we should know?
Oh yeah, I’ve heard NYC landlords are strict with guarantors. The premium sounds like what you’d pay for the bond coverage. If your daughter doesn’t pay the rent, the bond pays up to that $9247, but they’ll come after you for it later if that happens.
@Taylor
Got it, thanks! So basically, as long as she pays on time, we’re just out the $728?
@Taylor
Yep! Just the premium upfront. It’s kind of like insurance—they only use the bond if she defaults. Otherwise, you’re in the clear.
FYI, make sure she takes pics when she moves out. In NYC, landlords have 14 days to return the deposit or give a list of damages. If they don’t, you could get double the deposit back if you sue.
Payton said:
FYI, make sure she takes pics when she moves out. In NYC, landlords have 14 days to return the deposit or give a list of damages. If they don’t, you could get double the deposit back if you sue.
Oh wow, thanks for the heads up! Didn’t know about the 14-day rule.
Payton said:
FYI, make sure she takes pics when she moves out. In NYC, landlords have 14 days to return the deposit or give a list of damages. If they don’t, you could get double the deposit back if you sue.
Totally. They can’t make any deductions after that 14-day mark if they haven’t given a list. Your daughter could file in small claims if it comes to that.
Ty said:
Just curious, does the premium get refunded or is it just a one-time non-refundable thing?
Good question! I think it’s non-refundable, kinda like insurance. But anyone correct me if I’m wrong!
Ty said:
Just curious, does the premium get refunded or is it just a one-time non-refundable thing?
You’re right, it’s non-refundable. It’s just the cost of having the bond coverage in place.
IDK why but this guarantor stuff always seems confusing. Is this bond thing common in NYC?
Sage said:
IDK why but this guarantor stuff always seems confusing. Is this bond thing common in NYC?
Super common, especially if you don’t have US-based credit or enough income. NYC landlords are picky!
Sage said:
IDK why but this guarantor stuff always seems confusing. Is this bond thing common in NYC?
Makes sense! We’re coming from Canada, so the terms threw us off. Appreciate the help!
Just to confirm, if the landlord doesn’t give the deposit back or explain any deductions within 14 days, you can sue for twice the deposit?
Tory said:
Just to confirm, if the landlord doesn’t give the deposit back or explain any deductions within 14 days, you can sue for twice the deposit?
Yep! That’s the NYC rule. If they don’t give it back or show proof of damage, tenants can get 2x the deposit.