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Just applied for an apartment at 360 w 55th st Apt 2-O. Mikki at Siba Mgmt approved the application in about 24 hours time, then let me know there would be a FOUR month security deposit totaling $13,580, an amount she would not budge on. This is a clearly a prohibitive deposit. Few people have that kind of cash, and those who do certainly wouldn't want it tied up in a deposit.
Starting to think this was a scam to secure the "application processing fee."
Anyone had similar experience with her? with Siba mgmt?
They always ask for at least 2 month security, plus first month. They don't care if those apts sit on the market. Lots of people have that kind of cash. Maybe you have a credit issue?
Probably a scam. But some dumbasses will bite. Building/apt doesn't look that great to warrant such a hefty deposit.
You needed to ask them these kinds of things before forking over the fee. You needed to know what you were applying for.
Op, is your credit score lower than 700? Have you thought for a moment that if you dont have 15000 cash they might not want to rent to you?
So is Jim Hones running a scam to collect $13,580 to invest in renovations in his home in Columbia County?
not a scam at all, many people apply for units place their 50-200 application fee and then walk away from the unit leaving the management company in the wind after they've taken the unit off the market and stopped brokers from further showings.
in your case, you've already been approved for the unit and for whatever reason, either your credit score is too low or you have too many disputes on the credit report. The four month security deposit would cover the management company in the event that you decide six months down the road to stop paying rent or you vacate the unit without notice. if you decide to stay in the unit for the full duration of the lease, Siba would then have to return your security deposit plus interest being that your deposit is supposed to be place in an interest bearing escrow account for the length of your lease.