Maximum deposit, return deadlines, and interest rules under N.Y. Real Prop. Law § 711
Under N.Y. Real Prop. Law § 227-e (HSTPA 2019), landlords in New York may collect a security deposit of no more than 1.00 months' rent. At the statewide median gross rent of $1,484/month, that cap works out to approximately $1,484. The deposit must be returned within 14 days after the tenancy ends, together with a written, itemized list of any deductions.
| Rule | Requirement | Source |
|---|---|---|
| Maximum deposit | 1.00 months' rent | N.Y. Real Prop. Law § 227-e (HSTPA 2019) |
| Return deadline | 14 days after move-out | N.Y. Real Prop. Law § 711 |
| Itemized statement required | Yes — for all deductions | N.Y. Real Prop. Law § 711 |
| Interest required | Yes | N.Y. Real Prop. Law § 711 |
| Nonpayment notice period | 14 days pay-or-quit | N.Y. Real Prop. Law § 711 |
Landlords in New York may lawfully deduct from the security deposit for: unpaid rent, damage to the unit beyond normal wear and tear, required professional cleaning not performed by the tenant, and unreturned keys or access devices. Deductions for ordinary wear and tear — scuff marks, minor carpet wear, faded paint — are generally not permitted under New York law.
Tenants who do not receive their deposit (or an itemized statement) by the deadline may be entitled to penalties — sometimes double or triple the withheld amount — plus attorney fees. Courts take deposit violations seriously; failure to provide an itemized list within the statutory period often forfeits the landlord's right to make any deductions at all.
A high security deposit limit can increase tenant financial barriers at move-in, contributing to housing instability and higher eviction rates. New York's 1.00x-month cap is one factor in our overall landlord risk score for the state. Cities with the highest median rents — and therefore the largest absolute deposit amounts — in New York include:
Under N.Y. Real Prop. Law § 227-e (HSTPA 2019), landlords in New York may not charge more than 1.00 months' rent as a security deposit. Based on the state's median gross rent, that is approximately $1,484.
Landlords in New York must return the security deposit within 14 days after the tenant vacates, along with an itemized list of any deductions.
Yes — New York law requires landlords to hold security deposits in an interest-bearing account and pay the accrued interest to the tenant upon return of the deposit.
Landlords in New York may typically deduct for unpaid rent, damage beyond normal wear and tear, and cleaning costs required to restore the unit to its original condition. They must provide an itemized written list of deductions. Deductions for ordinary wear and tear are generally prohibited.
Data sourced from New York published statutes (N.Y. Real Prop. Law § 711), U.S. Census Bureau American Community Survey 2023 5-Year Estimates. Last updated April 29, 2026. This page is for informational purposes only and does not constitute legal advice. Consult a licensed attorney for your specific situation.
