New York Security deposit limit

Related New York rules

Deposit return deadline

Within 14 days after the tenant moves out, the landlord must return the deposit or provide an itemized statement of any amounts kept.

Verified Source: N.Y. Gen. Oblig. Law § 7-108(1-a)(e) · last checked 2026-10-23 · Full New York deposit return deadline page

Interest on deposits

Deposits are held in trust. For buildings with 6 or more units, the landlord must keep the deposit in an interest-bearing New York bank account. The landlord may keep 1% a year for administration. The remaining interest belongs to the tenant and is held in trust, credited to rent, or paid out each year.

Verified Source: N.Y. Gen. Oblig. Law § 7-103(1), (2-a) · last checked 2026-10-23 · Full New York interest on deposits page

Move-in/move-out checklist

After the lease is signed and before move-in, the landlord must offer the tenant a joint inspection. If the tenant requests one, the parties sign a written agreement on the unit's condition. The landlord must also offer a pre-move-out inspection.

Verified Source: N.Y. Gen. Oblig. Law § 7-108(1-a)(c)–(d) · last checked 2026-10-23 · Full New York move-in/move-out checklist page