{"id":375350,"date":"2019-04-22T10:16:46","date_gmt":"2019-04-22T15:16:46","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/state\/new-york-law\/security-deposit-return-laws-in-new-york.html"},"modified":"2019-04-22T11:47:11","modified_gmt":"2019-04-22T16:47:11","slug":"security-deposit-return-laws-in-new-york","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/state\/new-york-law\/security-deposit-return-laws-in-new-york.html","title":{"rendered":"Security Deposit Return Laws in New York"},"content":{"rendered":"\n
\n \n
\n

Security Deposit Return Laws in New York<\/h1>\n
\n
\n

Created by FindLaw’s team<\/a> of legal writers and editors<\/i><\/p>\n\n | Last updated\n

\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
\n

This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
\n

The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

When you’re a renter in New York, you’ll likely have to pay a security deposit, which is a sum of money (usually one month’s rent) that has the purpose of lessening the financial hit to a landlord if a tenant breaks the lease or damages the property. There are no statutory limits on security deposits<\/a> in New York for non-rent stabilized property and the security deposits will vary based on where you live. If the apartment is rent-stabilized, then the landlord is only allowed to charge a month’s rent.<\/p>\r\n

Security Deposit Return Laws in New York Summary<\/h2>\r\n

Landlord security deposit return laws are determined by the jurisdiction where the property is located. Read on for a summary of security deposit return laws in New York.<\/p>\r\n\r\n

Statutes<\/b><\/p>\r\n<\/td>\r\n

New York General Obligations Law:<\/p>\r\n

Timeline for the Return of the Security Deposit<\/b><\/p>\r\n<\/td>\r\n

New York law states that a landlord is required to return a tenant’s security deposit at the termination of tenancy or within a reasonable time<\/i> after the tenant has surrendered the rental property (returned the keys and left the property) to the landlord.<\/p>\r\n

Because the law doesn’t specify an exact number of days, a "reasonable time" is determined by the small claims court judge. Typically, it has usually been ruled to be within the range of 21-45 days.<\/p>\r\n<\/td>\r\n<\/tr>

Mandatory Disclosure to Tenants<\/b><\/p>\r\n<\/td>\r\n

When a landlord deposits a tenant’s security deposit in a bank or other financial institution, they must notify the tenant of this in writing. The notice must include the following information:<\/p>\r\n

    \r\n
  • The name of the financial institution;<\/li>\r\n
  • The address of the financial institution; and<\/li>\r\n
  • The total amount of money deposited.<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>

What a Landlord Can Withhold<\/b><\/p>\r\n<\/td>\r\n

New York allows the landlord to keep the entire security deposit or a portion or it to cover the following:<\/p>\r\n