State law · statute quotes
New York security deposit laws for landlords and property managers
The words of New York's security deposit statute on each topic, quoted verbatim with pinpoint citations and links to the official source. No summaries, no interpretation.
Reviewed by Mark Shvaya, licensed California real estate broker (DRE #02243502), who uses ProFlow360 in a rental portfolio Mark manages
Last reviewed
Quoted on this page
- Deposit limit
- Returning the deposit
- Itemized statement
- Inspections and condition reports
- Photographs
- Normal wear and tear
- Interest
- Wrongful withholding
N.Y. Gen. Oblig. Law § 7-108 · N.Y. Gen. Oblig. Law § 7-103
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What this page covers
New York's residential security deposit provisions quoted here come from N.Y. Gen. Oblig. Law § 7-108, N.Y. Gen. Oblig. Law § 7-103. Below are the statute's own words on 7 topics, each with a pinpoint citation and a link to the official text. This page does not summarize or interpret the law.
What does New York law say about move-in or move-out inspections?
After initial lease signing but before the tenant begins occupancy, the landlord shall offer the tenant the opportunity to inspect the premises with the landlord or the landlord's agent to determine the condition of the property. ... the landlord shall notify the tenant in writing of the tenant's right to request an inspection before vacating the premises and of the tenant's right to be present at the inspection.
What does New York law say about the amount of a security deposit?
No deposit or advance shall exceed the amount of one month's rent, unless the deposit or advance is for a seasonal use dwelling unit as provided for in subdivisions four and five of this section, or unless the deposit or advance is for an owner-occupied cooperative apartment as provided for in subdivision six of this section.
What does New York law say about returning the deposit?
Within fourteen days after the tenant has vacated the premises, the landlord shall provide the tenant with an itemized statement indicating the basis for the amount of the deposit retained, if any, and shall return any remaining portion of the deposit to the tenant.
What does New York law say about an itemized statement of deductions?
The entire amount of the deposit or advance shall be refundable to the tenant upon the tenant's vacating of the premises except for an amount lawfully retained for the reasonable and itemized costs ... the landlord shall provide the tenant with an itemized statement indicating the basis for the amount of the deposit retained, if any
How does New York law refer to normal wear and tear?
The landlord may not retain any amount of the deposit for costs relating to ordinary wear and tear of occupancy or damage caused by a prior tenant.
What does New York law say about interest on deposits?
Whenever the money so deposited or advanced is for the rental of property containing six or more family dwelling units, the person receiving such money shall, subject to the provisions of this section, deposit it in an interest bearing account in a banking organization within the state which account shall earn interest at a rate which shall be the prevailing rate earned by other such deposits made with banking organizations in such area.
What does New York law say about wrongful withholding?
If a landlord fails to provide the tenant with the statement and deposit within fourteen days, the landlord shall forfeit any right to retain any portion of the deposit. ... Any person who violates the provisions of this subdivision shall be liable for actual damages, provided a person found to have willfully violated this subdivision shall be liable for punitive damages of up to twice the amount of the deposit or advance.
Not quoted on this page
photographs. That does not mean New York law is silent on them; other sections or local rules may apply. Read the full statute.
Has New York's security deposit law changed recently?
From our review of the official history notes: nysenate.gov shows the most recent revision of § 7-108 as of 2022-03-04 (prior revisions 2021-12-31, 2021-09-24, 2019-07-19, 2019-06-28, 2014-09-22). The 2019 revisions coincide with the Housing Stability and Tenant Protection Act of 2019. No 2024–2026 revisions shown for § 7-108; § 7-103 revision history not captured.
How does ProFlow360 help you document a New York tenancy?
ProFlow360 records and organizes inspection evidence; it does not tell you what the statute requires or allows. What it records, for any state:
- Move-in, routine, pre-move-out and move-out inspections with photos timestamped at capture.
- Each move-out photo beside its move-in match, filed under the tenancy.
- Itemized lines with your classification, the amount you entered, and the estimate or invoice attached.
- An issued record that is sealed, shared by a link that expires and can be revoked.
Do this in ProFlow360
Keep the photos, the call and the invoice on the same line
Every deduction line carries the move-in and move-out photos, your classification and its documents, so the record can be followed by someone who was not there.
Kitchen · counter burn, left of range
Line 2 of 5 · TEN-0418
MI-21 · Jul 12, 2024
MO-29 · Sep 30, 2026Security deposit statutes in nearby states
Sources
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