The rule
- Deposit limit
- 1 month’s rent
- Return deadline
- 14 days
- Interest owed
- Required
- Itemized deductions
- Required
- The deadline
- An itemized statement and any balance are due within 14 days after the tenant vacates.
- Interest
- Only in buildings with 6 or more units, where deposits must earn interest in a New York bank account (GOL § 7-103).
- Deductions
- The landlord must give you an itemized list of anything kept from the deposit.
- If it isn’t returned
- Missing the 14-day statement forfeits any right to keep the deposit. Willful violations: punitive damages up to twice the deposit.
Law: N.Y. Gen. Oblig. Law § 7-108
Last reviewed September 30, 2026
Not legal advice. Statutes change; check the linked section.