New York generally limits deposits to one month and uses a 14-day refund period for unregulated units. Interest and account rules depend on coverage type.
Last verified: 2026-10-10
Max deposit
1
months' rent
Return deadline
14
days after tenancy ends
Interest required
Yes
paid to tenant
Separate account
Required
Maximum Security Deposit
1 month's rent
General residential cap; seasonal-use and owner-occupied cooperative exceptions in §7-108.
Return Deadline
14 days
After vacating for units outside rent stabilization/control; regulated-unit treatment must be separately modeled.
Interest on Deposit
Required
Conditional by building/regulated-unit coverage; tenant receives earnings less landlord's 1% administrative allowance.
Separate Account Required
Required
Tenant funds held separately in trust; interest-bearing-account coverage conditions require full AG guide review.
⚖️ Permitted Deductions
Full current list needs review of §7-108.
📋 Official Source
The information on this page is sourced from the primary New York statute. Always verify against the current official text before making decisions.
How much can a landlord charge for a security deposit in New York?
New York law limits security deposits to 1 month's rent. General residential cap; seasonal-use and owner-occupied cooperative exceptions in §7-108.
How long does a landlord have to return the security deposit in New York?
New York landlords must return the security deposit — or provide a written itemized statement of deductions — within 14 days after the tenancy ends. After vacating for units outside rent stabilization/control; regulated-unit treatment must be separately modeled.
Does New York require landlords to pay interest on security deposits?
Yes. New York requires landlords to pay interest on security deposits. Conditional by building/regulated-unit coverage; tenant receives earnings less landlord's 1% administrative allowance.
Must New York landlords keep security deposits in a separate bank account?
Yes. New York requires landlords to hold security deposits in a separate account. Tenant funds held separately in trust; interest-bearing-account coverage conditions require full AG guide review.
Automate security deposit compliance
Property management software handles deposit tracking, deadline reminders, itemized deduction statements, and compliant separate account requirements automatically — so you never miss a New York deadline.
This page is for informational purposes only and is not legal advice. Security deposit laws change — always verify the current statute or consult a licensed attorney in New York before making decisions. Official source: https://ag.ny.gov/publications/residential-tenants-rights-guide. Last reviewed: 2026-10-10.