Rental Times: Nonrefundable Deposits

>IN one indication

"Andrew Barrocas, the chief executive of the rental brokerage MNS, said it was the hot neighborhood that allowed Equity to demand such a high deposit. He said he generally would not advise landlords to pursue a similar strategy. "

Anyone who pays a non-refundable deposit for a rental is a complete moron.

I don't think you get it. Its non-refundable if you NEVER MOVE IN. That is fairly common.

What happens if the building doesn't open on time - or is it opening now? I moved into a new building once and it was still putting on the finishes - 777 sixth. It sucked in the beginning. I had the choice of moving when I did because I was still in an apartment I owned and didn't have to move until it was finished. I was told it was much more finished than it was.

19 signed leases? They may want to rethink their strategy.

Well Charley good point. I would not do it myself now that you put it that way.