Security deposit law in New York

One month's rent. The return rule is 14 days. The controlling text is N.Y. Gen. Oblig. Law § 7-108.

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New York's deposit ceiling

One month's rent.

The Housing Stability and Tenant Protection Act of 2019 caps a residential deposit at one month's rent statewide.

New York's return deadline

14 days.

You have 14 days after the tenant moves out to return the deposit with an itemized statement of any deductions. Fail to provide the statement within 14 days and you forfeit the right to keep any of it.

The itemized statement rule

An itemized statement describing the basis for any deduction is required within 14 days, and missing it forfeits the deductions entirely. The tenant also has the right to an inspection before move-out.

Account and interest rules

Deposits must be held apart from the landlord's personal funds, and for buildings with six or more units the deposit must sit in a New York interest-bearing account with the interest paid to the tenant.

Exposure for wrongful withholding

Up to 2x for willful violation.

A landlord who willfully violates the deposit rules can be liable for up to twice the amount of the deposit. The 14-day clock is tight and the forfeiture for a late statement is automatic, so the statement goes out immediately after the inspection.

Compare New York with neighboring states

• New Jersey: one and a half months' rent; return rule: 30 days.
• Pennsylvania: two months' rent (first year); return rule: 30 days.
• Connecticut: two months' rent; return rule: 30 days.
• Massachusetts: one month's rent; return rule: 30 days.
• Vermont: no statutory limit; return rule: 14 days.