Providing tenants the option of paying a security deposit in six equal monthly installments.

A Local Law to amend the administrative code of the city of New York, in relation to providing tenants the option of paying a security deposit in six equal monthly installments

For residential tenancies that are six months or longer, this bill would provide tenants the option of paying a security deposit in six, equal, consecutive monthly installments added to the first six rental payments, respectively. Tenants with a shorter term tenancy of less than six months would be permitted the option of paying equal, consecutive monthly installments provided that the number of installments match the number of months of the tenancy. This bill could alleviate hardships associated with the requirement to pay a security deposit in one lump sum.