Tenant Lease Security

Ready to outsource the administrative tasks of multi-tenant property management?

Ideal holding account for tenants' security deposits
Interest paid on each sub-account
 
We produce and mail all IRS 1099 tax forms
 
We administer all interest distributions to tenants
 
No administrative fees charged to landlords or managing agents

Eliminate hassles and reduce your paperwork load with our convenient service.

 

When you're managing multi-tenant properties with six or more dwelling units, you know how quickly the tedious administrative tasks pile up. Apple Bank greatly eases the job with our New York landlord-tenant lease security account. Here’s how it works:

  • We provide a detailed quarterly statement for each property with sub-accounts for each tenant’s security deposit.
  • The landlord or managing agent holds the security deposits in trust for the tenant. 
  • The landlord or managing agent controls the account and all withdrawals. Tenants are not allowed access. 
  • We administer all tenant interest distributions.
  • We administer modifications to the lease security sub-accounts when tenants or rent amounts change, as the landlord or agent instructs.
  • We produce and mail all year-end IRS 1099 tax forms to each tenant and the landlord.
  • We do not charge  you any separate administrative fee.