2024 New York State law updates allow landlords to charge higher maximum security deposits (up to one month's rent) and more time to return deposits.
2024 New York State law updates favor landlords in rental security deposits. Landlords can now charge a higher maximum security deposit amount (up to one month's rent) and have more time to return deposits, allowing them to assess damages and deduct costs before refunding the remaining amount. If placed in an interest-bearing account, tenants are entitled to a portion of the interest earned. These rules apply to apartment buildings with six or more units, and landlords must inform tenants, in writing, of the bank and interest rate associated with their security deposit.
March 23, 2024
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