New York landlord-tenant law
Security deposits, late fees and notice periods for New York landlords, in plain English, with a link to the statute for each rule.
Security deposit limit
1 month's rent for unregulated units (since 2019).
Deposit return deadline
14 days after move-out, with an itemized statement. Missing the deadline forfeits the right to keep any of it.
Late fees
Only after rent is more than 5 days late. Capped at $50 or 5% of monthly rent, whichever is less.
Notice for unpaid rent
14-day written rent demand before filing a nonpayment case.
Ending a month-to-month lease
30 days if under 1 year of occupancy, 60 days if 1–2 years, 90 days if 2+ years.
Rent increases
Increases of 5% or more need the same 30/60/90-day notice based on occupancy. Units covered by Good Cause Eviction (including NYC) face an annual cap.
Local rules: New York City rent-stabilized units follow Rent Guidelines Board rules instead of these.
Sources
- N.Y. Gen. Oblig. Law § 7-108 (deposits)
- N.Y. Real Prop. Law § 238-A (late fees)
- N.Y. Real Prop. Law § 226-C (notice of non-renewal / increase)
Tools for New York landlords
Rent increase calculator
New rent plus New York notice rules.
Prorated rent
Partial-month rent for move-ins and move-outs.
Rental property calculator
Cash flow, cap rate and cash-on-cash return.
New York housing market
Typical home $525K, median city rent $2,746/mo.
New York, NY
$731K home$3,546 rent5.8% yield
▲ 4.9% 1 yr
Buffalo, NY
$287K home$1,451 rent6.1% yield
▲ 3.6% 1 yr
Rochester, NY
$281K home$1,532 rent6.5% yield
▲ 4.9% 1 yr
Albany, NY
$373K home$1,693 rent5.4% yield
▲ 5.0% 1 yr
Syracuse, NY
$269K home$1,627 rent7.3% yield
▲ 6.6% 1 yr
Utica, NY
$231K home$1,424 rent7.4% yield
▲ 5.8% 1 yr
Binghamton, NY
$203K home$1,610 rent9.5% yield
▲ 6.9% 1 yr
Kingston, NY
$452K home$2,015 rent5.4% yield
▲ 3.6% 1 yr
General information, not legal advice. Laws change, and cities and counties can add their own rules. Check the statute or a local attorney before acting.