New York security deposit rules
New York limits security deposits to 1 month's rent. The deposit must be returned 14 days after the tenant vacates, with an itemized statement of any deductions; failure to provide both within 14 days forfeits the right to retain any part of the deposit. New York is one of the states that requires interest on the deposit.
What the law requires
1 month's rent. Returned 14 days after the tenant vacates, with an itemized statement of any deductions; failure to provide both within 14 days forfeits the right to retain any part of the deposit. Interest-bearing account required only for buildings of 6 or more units (§ 7-103(2-a)); landlord may keep 1% per year as an administrative fee, rest to tenant annually or at lease end. Punitive damages up to 2x deposit for willful violations. Pre- and post-tenancy inspection rights. Rent-stabilized units governed by § 7-107. Enacted by HSTPA 2019; no amendments found for 2024-2026.
- Deductions: unpaid rent and damage beyond normal wear and tear, itemised in writing. Cleaning and repainting after ordinary use are normal wear in most states.
- Deadline: the 14-day clock usually starts when the tenant moves out and, in many states, when a forwarding address is provided. Missing it typically forfeits the landlord’s right to keep any of the deposit and can add statutory damages.
- Pets: No separate pet-deposit provision; any deposit or advance counts toward the 1-month cap.
- Interest: New York requires interest on the deposit. The deposit interest calculator applies the rate and thresholds.
Move-out checklist
- Give written notice of the move-out date and a forwarding address; many deadlines only start when the landlord has the address.
- Photograph every room after cleaning, with a timestamp. Request a joint inspection where the state allows one.
- If the deadline passes, send a written demand citing N.Y. Gen. Oblig. Law § 7-108; § 7-103. Small-claims court handles deposit disputes in every state and most cap the claim well above a typical deposit.
Related New York rules
- Late fees: Lesser of $50 or 5% of monthly rent; no late fee unless rent is unpaid more than 5 days after the due date; lease clauses waiving this are void. Application/background-check fee capped at $20 or actual cost. Late fee calculator.
- Notice to end a tenancy: Landlord non-renewal/termination: 30 days if tenant has occupied under 1 year, 60 days for 1-2 years, 90 days for 2+ years (RPL § 226-c). Tenant: at least one month before end of term outside NYC (§ 232-b); 30 days in NYC (§ 232-a). Notice calculator.
- All rules on one page: New York landlord and tenant law.
Frequently asked questions
How much can a landlord charge for a security deposit in New York?
1 month's rent. Interest-bearing account required only for buildings of 6 or more units (§ 7-103(2-a)); landlord may keep 1% per year as an administrative fee, rest to tenant annually or at lease end. Punitive damages up to 2x deposit for willful violations. Pre- and post-tenancy inspection rights. Rent-stabilized units governed by § 7-107. Enacted by HSTPA 2019; no amendments found for 2024-2026.
How long does a landlord have to return a security deposit in New York?
14 days after the tenant vacates, with an itemized statement of any deductions; failure to provide both within 14 days forfeits the right to retain any part of the deposit. The statute is N.Y. Gen. Oblig. Law § 7-108; § 7-103.
Does a New York landlord have to pay interest on the security deposit?
Yes, in the circumstances set out in N.Y. Gen. Oblig. Law § 7-108; § 7-103. See the New York deposit interest calculator for the rate and the rules.
Are pet deposits limited in New York?
No separate pet-deposit provision; any deposit or advance counts toward the 1-month cap.