|Posted:||April 28, 2020 12:30 PM|
|From:||Representative Valerie S. Gaydos|
|To:||All House members|
|Getting into a new apartment often requires having to pay a landlord a security deposit which is typically one month’s rent and are held by landlords to cover unpaid rent or damage left by tenants who move out. Cash security deposits can be a huge burden to tenants because they add to move-in costs and can be hard to recover. However, many Americans live paycheck to paycheck and can't afford these deposits or are forced to delay their move-in to save the needed funds. The COVID19 Crisis has just made things more problematic.
Recognizing the considerable financial hardships that security deposits can present, I am introducing legislation to give renters a choice. If a landlord requires a security deposit, that landlord must not ask for more than two month’s rent in advance and must participate in a deposit alternative program such as cash through a schedule of installment payments or lease insurance.
By giving renters the option to rent without an upfront deposit we would be removing a roadblock to housing, help landlords get their deposits upfront by offering alternatives, puts cash back into peoples pockets.
State Representative #44