What You Need to Know About New York Lease Agreements
Security Deposit Rules
In New York, the security deposit limit is 1 month's rent (statewide since 2019 hstpa). After the tenant moves out, landlords must return the deposit (minus any lawful deductions) within 14 days. Deductions are typically limited to unpaid rent, damages beyond normal wear and tear, and cleaning costs if the unit was left in a condition worse than when the tenant moved in.
Notice Requirements
New York requires 14 days notice for non-payment of rent before a landlord can begin eviction proceedings. For month-to-month tenancies, 30 days written notice is required to terminate. Landlords must provide at least 24 hours notice before entering the rental unit, except in emergencies.
Late Fees
$50 or 5% of monthly rent (whichever is less). New York requires a 5-day grace period before late fees can be assessed.