Security Deposit Policy: Stratford Place NYC

This policy explains how the security deposit works: what it covers, when it is refunded, and what can be deducted. It summarizes the deposit terms in our standard lease agreement. If anything here differs from your signed lease, the signed lease governs.

General terms

Residents pay a security deposit of up to one month's rent, shown on the booking payment page. The deposit secures the room and covers potential loss, excess cost, or damage to the premises. The deposit may not be applied to rent or any other sum due under the agreement without our prior written consent.

A booking is not confirmed until the deposit is paid.

Refund process

After you have vacated the room, returned your keys, and provided a forwarding address, we will give you an itemized written statement of the reasons for, and the dollar amount of, any portion of the deposit retained, along with the remaining deposit balance.

The refund is issued within the period specified by New York State law after the end date of your stay, provided all contractual conditions are fulfilled and the room is vacated in compliance with the terms of the agreement. Any outstanding amounts may be deducted from the deposit before the refund is issued.

Move-out condition

Rooms are prepared with fresh bed linens and deep cleaning before move-in. Residents are expected to leave the room in the same condition, including fresh bed linens and completion of deep move-out cleaning. The standard is complete readiness of the room for the next resident. If the room is not left in this condition, a cleaning service charge as specified in your lease may be deducted or added to your account.

Shared areas

For damage or loss in common areas, residents agree to cooperate with us to determine who is responsible, so that deductions are not applied to unrelated residents. If responsibility cannot be determined due to lack of cooperation, the cost may be shared equally among the residents of the unit.

No-shows and early departures

If a resident fails to take possession of the room after booking, or vacates before the end of the agreed term, the deposit may be retained and converted into in-house credit applicable to future bookings, subject to our duty to mitigate losses. The resident may also remain liable for the balance of rent for the remainder of the term in accordance with the Cancellation Policy.

Questions

For any questions about your deposit or refund status, contact info@stratfordresidences.com with your booking reference.