Security deposit return law in New York

In New York, a landlord must return the security deposit within 14 days (N.Y. General Obligations Law 7-108(1-a) and 7-103).

Return deadline: 14 days after the tenancy ends
Deposit cap: One month's rent (conditions below)
Itemized list of deductions: Required
If you get it wrong: Missing the 14-day statement and refund means the landlord forfeits any right to keep any part of the deposit (7-108(1-a)(e)).; N.Y. General Obligations Law 7-108(1-a) and 7-103. Verified 2026-09-25.

When the clock starts, and what goes with the money

Within 14 days after the tenant vacates, the landlord must give the tenant an itemized statement showing the basis for any amount kept and return the rest (7-108(1-a)(e)).
Deductions are limited to unpaid rent, utility charges the tenant owes under the lease, moving and storage of the tenant's belongings, and damage beyond normal wear and tear, and these costs must be reasonable and itemized (7-108(1-a)(b)).
Before move-out the landlord must offer an inspection held no earlier than two weeks and no later than one week before the tenancy ends, on at least 48 hours' written notice, then give an itemized list of proposed repairs or cleaning so the tenant can fix them (7-108(1-a)(d)).
The landlord carries the burden of proving the amount kept was reasonable (7-108(1-a)(f)).

How much you can collect

New York caps the security deposit at one month's rent (N.Y. General Obligations Law 7-108(1-a) and 7-103). The conditions attached to that cap matter as much as the number:

One month's rent, set by the Housing Stability and Tenant Protection Act of 2019.
The limit does not apply to seasonal-use units or to owner-occupied cooperative apartments (GOL 7-108(1-a)(a)).
Subdivision 1-a does not cover units under the city rent and rehabilitation law or the emergency housing rent control law, or licensed continuing care, assisted living, adult care, and certain senior and not-for-profit retirement communities.
The deposit must be refundable in full except for lawful deductions (7-108(1-a)(b)).

What it costs to get this wrong

Missing the 14-day statement and refund means the landlord forfeits any right to keep any part of the deposit (7-108(1-a)(e)). Any violation makes the landlord liable for actual damages, and a willful violation adds punitive damages of up to twice the deposit (7-108(1-a)(g)).

Holding the deposit

Deposit money stays the tenant's property, must be held in trust, and cannot be mixed with the landlord's own money (GOL 7-103(1)).
For buildings with six or more family units, the deposit must go in an interest-bearing account at a bank in New York, with written notice to the tenant of the bank's name and address and the amount deposited.
The tenant gets the interest, less 1% per year of the deposit that the landlord may keep for administrative expenses (7-103(2), (2-a)).

Common questions

How long does a New York landlord have to return a security deposit?

14 days, under N.Y. General Obligations Law 7-108(1-a) and 7-103. Within 14 days after the tenant vacates, the landlord must give the tenant an itemized statement showing the basis for any amount kept and return the rest (7-108(1-a)(e)). When the clock starts and what goes back with the money is covered above.

Does New York cap the security deposit?

Yes, one month's rent. One month's rent, set by the Housing Stability and Tenant Protection Act of 2019. The limit does not apply to seasonal-use units or to owner-occupied cooperative apartments (GOL 7-108(1-a)(a)). Subdivision 1-a does not cover units under the city rent and rehabilitation law or the emergency housing rent control law, or licensed continuing care, assisted living, adult care, and certain senior and not-for-profit retirement communities. The deposit must be refundable in full except for lawful deductions (7-108(1-a)(b)).

What happens if a New York landlord misses the deadline or withholds wrongly?

Missing the 14-day statement and refund means the landlord forfeits any right to keep any part of the deposit (7-108(1-a)(e)). The full rule is under "What it costs to get this wrong" above.

Does a New York security deposit have to be held a particular way?

Deposit money stays the tenant's property, must be held in trust, and cannot be mixed with the landlord's own money (GOL 7-103(1)). The rest is under "Holding the deposit" above.

The deposit paperwork is the part that gets lost. PropManager keeps the deposit on the lease, the move-out itemization with the tenant's file, and the refund in the ledger, so the record exists before a dispute does.

Sources

N.Y. General Obligations Law 7-108(1-a) and 7-103. Source: https://www.nysenate.gov/legislation/laws/GOB/7-108. Verified 2026-09-25.

General information, not legal advice. Check your own lease and any city or county ordinance before you rely on it.