New York State introduces 2024 laws allowing landlords higher max security deposits and extended return timelines, with tenants entitled to accrued interest if deposits are placed in savings.

During 2024, New York State enacted new laws that benefit landlords. One significant law increased the maximum security deposit amount allowed, offering better protection for landlords against damage or unpaid rent, while also granting them additional time to scrutinize damages before returning the leftover deposit to tenants. Additionally, in the case where a landlord places the security deposit in a high-interest account, tenants are entitled to the interest generated in New York State's law.

February 04, 2024
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