New York Residential Lease Agreement
New York caps a security deposit at one month's rent, returned within 14 days. Create your free New York lease agreement template. Attorney review available.
Introduction
A residential lease agreement is a legally binding contract between a landlord and a tenant that sets out the rent, the term, the security deposit, each side's responsibilities, and how the tenancy ends. In New York the landlord (lessor) and tenant (lessee) are bound by the tiered protections of the Housing Stability and Tenant Protection Act of 2019, layered on top of New York General Obligations Law Article 7 and Real Property Law Article 7. A security deposit cannot exceed one month's rent, except for a seasonal-use dwelling, and the money stays the tenant's own, held in trust and never mixed with the landlord's personal funds under Gen. Oblig. Law Section 7-103. Within 14 days after the tenant moves out, the landlord must return the balance along with an itemized statement of any deductions (Gen. Oblig. Law Section 7-108). Every New York lease must disclose, in bold type, whether the unit has a working sprinkler system (Real Prop. Law Section 231-a) and the property's flood history and flood-zone status (Real Prop. Law Section 231-b), on top of the federal lead-based paint disclosure for pre-1978 housing. There is no statewide statute fixing how much notice a landlord must give before entering an occupied unit; that comes from the lease, local law, and general reasonableness. Attorney review is available as an option before either party signs.
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Key Things to Know
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A residential lease agreement is a legally binding contract that sets the rent, term, security deposit, and each side's responsibilities for renting a home or apartment, and spells out how the tenancy ends.
- 2
New York caps a security deposit at one month's rent, except for a seasonal-use dwelling. The deposit is held in trust, kept separate from the landlord's own money, and the landlord must give the tenant written notice of the bank holding it (N.Y. Gen. Oblig. Law Section 7-103). The landlord must return the balance, with an itemized statement of any deductions, within 14 days after the tenant moves out (Gen. Oblig. Law Section 7-108).
- 3
Every New York lease must disclose, in bold type, whether the unit has a maintained and operative sprinkler system and its last inspection date (N.Y. Real Prop. Law Section 231-a), plus the property's flood history and flood-zone status with notice that FEMA flood insurance is available (Real Prop. Law Section 231-b), on top of the federal lead-based paint disclosure for housing built before 1978.
- 4
New York has no statewide statute setting how much advance notice a landlord must give before entering an occupied unit. Entry terms come from the lease itself, local law such as New York City rules, and a general reasonableness standard.
- 5
A landlord cannot charge a late fee until rent is at least 5 days overdue, and even then the fee cannot exceed the lesser of $50 or 5% of the monthly rent (N.Y. Real Prop. Law Section 238-a). This grace period is the tenant's protection against back-dated or oversized penalties.
- 6
To end a month-to-month tenancy, or to raise the rent by 5% or more, a landlord must give written notice of 30 days if the tenant has occupied the unit under 1 year, 60 days for 1 to 2 years, and 90 days for over 2 years (N.Y. Real Prop. Law Section 226-c).
- 7
New York has no statewide cap on market-rate rent, but the Good Cause Eviction Law automatically applies in New York City, and in other municipalities that opt in, creating a rebuttable presumption that a rent increase above roughly the local CPI plus 5%, or 10%, whichever is lower, is unreasonable (RPL art. 6-A).
Key decisions before you file
Before you file a Residential Lease Agreement in New York, a few decisions shape the document: which option to choose and what each one means. The Residential Lease Agreement guide walks through them.
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New York Requirements for Residential Lease Agreement
Security Deposit Cap and Trust Account
A New York security deposit cannot exceed one month's rent, except for a seasonal-use dwelling unit. The deposit stays the tenant's money, held in trust and never mixed with the landlord's personal funds, and the landlord must notify the tenant in writing which bank holds it (N.Y. Gen. Oblig. Law Section 7-103).
Return the Deposit Within 14 Days
Within 14 days after the tenant vacates, the landlord must give the tenant an itemized statement of any deductions and return the remaining deposit balance (N.Y. Gen. Oblig. Law Section 7-108).
Sprinkler System Disclosure
Every New York residential lease must state, conspicuously in bold face type, whether the unit has a maintained and operative sprinkler system and, if so, the date it was last maintained or inspected (N.Y. Real Prop. Law Section 231-a).
Flood History and Risk Disclosure
Every New York residential lease must disclose the property's flood history and current flood-zone status, including whether it lies wholly or partly in a FEMA-designated floodplain, plus notice that flood insurance is available through FEMA's National Flood Insurance Program (N.Y. Real Prop. Law Section 231-b).
No Statewide Entry-Notice Statute
New York has no statewide statute fixing how much advance notice a landlord must give before entering an occupied unit. Reader caution: entry terms come from the lease itself, any local law such as New York City rules, and a general reasonableness standard, so spell out a specific notice period in the lease.
Late Fee Cap and 5-Day Grace Period
A New York landlord cannot charge a late fee until rent is at least 5 days overdue, and even then the fee cannot exceed the lesser of $50 or 5% of the monthly rent (N.Y. Real Prop. Law Section 238-a).
Tiered Termination and Rent-Increase Notice
To end a month-to-month tenancy, or to raise the rent by 5% or more, a landlord must give written notice of 30 days if the tenant has occupied the unit less than 1 year, 60 days for 1 to 2 years, and 90 days for more than 2 years (N.Y. Real Prop. Law Section 226-c).
Warranty of Habitability and Good Cause Eviction
Every New York lease carries a non-waivable implied warranty that the unit is fit for human habitation (N.Y. Real Prop. Law Section 235-b). New York has no statewide rent cap, but the Good Cause Eviction Law automatically applies in New York City, and in other municipalities that opt in, creating a rebuttable presumption that a rent increase above roughly the local CPI plus 5%, or 10%, whichever is lower, is unreasonable (RPL art. 6-A).