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NY security deposit itemized statement: the 14-day rule
When a tenant moves out of a New York rental and you keep any part of the security deposit, you have 14 days to send an itemized statement and return the rest. Here's what to include and how to count the days.
The rule in plain English
- 14 days. Return the deposit within 14 days after the tenant moves out. If you keep any of it, give the tenant an itemized statement of what you kept and why within the same 14 days (N.Y. General Obligations Law § 7-108, as summarized in the NY Attorney General's Residential Tenants' Rights Guide).
- Miss it and you lose it. Per the Attorney General, if the statement isn't provided within 14 days, the landlord must return the entire deposit, damage or not. A deliberate violation can mean up to twice the deposit.
- What you can deduct: unpaid rent, and the reasonable cost of repairs for damage beyond normal wear and tear.
- Move-out inspection: if the tenant asks, inspect before they leave, let them be present, and tell them what needs fixing or cleaning so they can fix it.
- Rent-stabilized or rent-controlled? The Attorney General says these rules currently apply to non-regulated units. Regulated units have their own rule: return it, less lawful deductions, at the end of the lease or within a reasonable time after. Check the current law.
Count your 14 days
A simple day count, not a legal deadline calculator. When in doubt, send it sooner.
What to put in the itemized statement
- Your name (or company) and address, and the date of the statement
- The tenant's name(s) and their forwarding address
- The rental address and unit, and the move-out date
- The deposit amount, plus any interest owed to the tenant (see below)
- Each deduction on its own line: what it was for and what it cost (for example, "Bedroom door replaced, hole through panel: $185")
- Total kept, and the balance you're returning, with how and when you sent it
- Your signature
Keep photos, receipts and repair invoices with your copy. Send it in a way you can prove, such as certified mail with a copy by regular mail, and keep the mailing receipt.
Example
| Item | Amount |
|---|---|
| Security deposit received | $2,000.00 |
| Interest owed to tenant (if any) | $0.00 |
| Unpaid rent, October | −$450.00 |
| Replace broken bedroom door (damage beyond wear and tear; invoice attached) | −$185.00 |
| Balance returned to tenant | $1,365.00 |
Example numbers only. Normal wear and tear is not a deduction (NY Attorney General).
Holding the deposit during the lease
The Attorney General's guide also says: a deposit is limited to one month's rent; it's the tenant's money held in trust and can't be mixed with your own funds; and buildings with six or more apartments must keep deposits in an interest-bearing New York bank account, tell each tenant the bank's name and address and the amount, and may keep 1% a year as an administrative fee, with the rest of the interest belonging to the tenant.
Still dealing with unpaid rent?
If the tenant is still in the unit, see which notice you need, or start with the 5-Day Late Rent Notice and the 14-Day Rent Demand.
Frequently asked questions
How long does a New York landlord have to return a security deposit?
For units that aren't rent stabilized or rent controlled, 14 days after the tenant moves out, under General Obligations Law § 7-108 as summarized by the NY Attorney General. Any amount kept must be explained in an itemized statement within those 14 days.
What happens if I miss the 14-day deadline?
According to the NY Attorney General's guide, if the itemized statement isn't provided within 14 days of move-out, the landlord must return the entire deposit, whether there is damage or not. A deliberate violation can expose the landlord to up to twice the deposit.
What can a NY landlord deduct from a security deposit?
Unpaid rent, and the reasonable cost of repairing damage beyond normal wear and tear (NY Attorney General). Each deduction should be listed with what it was for and what it cost.
How much security deposit can a NY landlord collect?
No more than one month's rent. The Attorney General notes this means a landlord can't collect both last month's rent and a security deposit.
Does the 14-day rule apply to rent-stabilized apartments?
The Attorney General's guide says these rules currently apply to non-regulated units. For rent-regulated units, the deposit (less lawful deductions) must be returned at the end of the lease or within a reasonable time after. Check the current law for your unit.
Do I have to inspect the apartment before the tenant moves out?
If the tenant asks, the landlord should inspect before move-out, let the tenant be present, and say what needs to be fixed or cleaned, so the tenant has a chance to fix it (NY Attorney General). Check the current law for the exact timing.
Sources
New Jersey has different security deposit rules. Check the current law.