What is the rule regarding security deposits when you are not renewing an apartment at the end of a lease term and have a roommate who wants to renew?
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What is the rule regarding security deposits when you are not renewing an apartment at the end of a lease term and have a roommate who wants to renew?
I am currently renting an apartment with my partner; the lease will be ending in May. I will be moving out of the apartment and she will be renewing the lease. When the lease started, we both paid $1200 for the security deposit which was a total of $2400. When the lease ends in May and she renews for another year, what rights do I have to my half of the security
deposit at the end of the lease term in May?
Asked on March 10, 2019 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If one of you is staying and the other going, the lease is not being "renewed"--renewed means it is the same lease, among the exact same parties, being extended. Rather, when the existing lease ends, a lease which is among three parties (you, her, and the landlord), she will be entering into a new lease with different parties (i.e. you will not be on it). That means that current tenancy is ending and she will begin a new tenancy. That in turn means that the security deposit should be returned and your partner will provide a new deposit for her new tenancy.
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