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New York security deposit law
Short answer: A New York landlord has 14 days after the tenant moves out to return the deposit with an itemized statement, or loses the right to keep any of it. Deposits are capped at one month's rent.
| Deadline to return the deposit | 14 days after the tenant moves out. |
|---|---|
| Limit on how much a landlord can charge | One month's rent. (Narrow exceptions include seasonal rentals and owner-occupied co-op apartments.) |
| Itemized list of deductions | Yes. The landlord must send an itemized statement showing the basis for anything kept. |
| Interest on the deposit | Required for buildings with six or more units: the deposit must sit in an interest-bearing New York bank account, the landlord may keep 1% a year as a fee, and the tenant must be told in writing which bank holds it. |
| Penalty if the landlord breaks the rules | A landlord who misses the 14-day deadline forfeits the right to keep any part of the deposit. A willful violation can mean punitive damages of up to twice the deposit. |
| What the tenant has to do | Ask for the pre-move-out inspection in writing, and leave a forwarding address. |
| The law | New York General Obligations Law Sections 7-103 and 7-108 |
Official law: New York General Obligations Law Sections 7-103 and 7-108. Checked against the statute on 2026-11-04.
Good to know
- Deductions are limited to unpaid rent, damage beyond normal wear and tear, unpaid utilities owed directly to the landlord, and moving and storing belongings the tenant left behind.
- The landlord must offer a move-in inspection. If the tenant asks for one, both sign a written description of the unit's condition.
- Before move-out, the landlord must tell the tenant in writing of the right to an inspection one to two weeks before the tenancy ends, with 48 hours' notice.
- Rent-stabilized and rent-controlled apartments follow some different rules.
Tips for landlords
- Do a written move-in inspection and have the tenant sign it. Take dated photos of every room, including inside appliances and closets.
- Collect the tenant's forwarding address in writing at move-out.
- Put the itemized list and the refund in the mail well before the deadline, and keep proof of mailing.
- Normal wear and tear (faded paint, light carpet wear, small nail holes) usually can't be charged. Damage beyond that can.
Tips for tenants
- Take your own dated photos and video on move-in day and move-out day.
- Give your landlord your forwarding address in writing, and keep a copy.
- If the deadline passes, send a written demand letter that cites the law above before going to small claims court.
Common questions
How long does a landlord have to return a security deposit in New York?
14 days after the tenant moves out.
Is there a limit on security deposits in New York?
One month's rent. (Narrow exceptions include seasonal rentals and owner-occupied co-op apartments.)
Does a landlord in New York have to itemize deductions?
Yes. The landlord must send an itemized statement showing the basis for anything kept.