Background Check cost Based upon New NY Rent Laws

[Alex Furini]

Hi all,

Couple of questions for discussion regarding background checks for new tenants in NY based upon the new rent laws.

1. Is the $20 cap on background/credit checks per tenant or for the entire apartment? I.E. apartments larger than 1 bedroom.

2. If you are not collecting a background/credit check fee, but having the tenants pay directly for the service, is that applicable to the cap? I normally collect the fee and pay for the service, but the option is there for tenants to pay directly or provide their own credit check. I always run credit/background checks on new tenants with each costing about $40. For a 3 bedroom apartment that's $120 minimum. That doesn't even begin to factor in if the tenants request to use guarantors.

Just looking for thoughts as I am sure we are all trying to figure out the best way to move forward.

Thanks.