N.Y. Gen. Oblig. Law § 7-108: New York security deposit rules in plain English
What N.Y. Gen. Oblig. Law § 7-108 says about New York security deposits: the cap, the deadline to return the deposit, itemized deductions and interest. Every fact below comes from our statute-checked data. Last verified 2026-10-22.
Quick answer
- Return deadline
- 14 days
- Maximum deposit
- 1 month's rent.
- Itemized list
- Yes, an itemized list of deductions is required
- Interest
- Buildings with 6+ units: interest-bearing account at the prevailing rate; landlord may keep 1% a year as an administrative fee (Gen. Oblig. Law § 7-103). Smaller buildings: held in trust, no interest required.
What N.Y. Gen. Oblig. Law § 7-108 says, as we verified it
Deposit limit
1 month's rent.
Interest
Buildings with 6+ units: interest-bearing account at the prevailing rate; landlord may keep 1% a year as an administrative fee (Gen. Oblig. Law § 7-103). Smaller buildings: held in trust, no interest required.
Full citation: N.Y. Gen. Oblig. Law §§ 7-103, 7-108 Read the official text
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FAQ: N.Y. Gen. Oblig. Law § 7-108
How long does a landlord have to return a deposit under N.Y. Gen. Oblig. Law § 7-108?
Under N.Y. Gen. Oblig. Law § 7-108, a New York landlord has 14 days to return the security deposit or send an itemized list of deductions.
Is there a limit on the security deposit in New York?
1 month's rent.
Does New York require an itemized list of deductions?
Yes, an itemized list of deductions is required. Citation: N.Y. Gen. Oblig. Law §§ 7-103, 7-108.
Does the landlord have to pay interest on the deposit in New York?
Buildings with 6+ units: interest-bearing account at the prevailing rate; landlord may keep 1% a year as an administrative fee (Gen. Oblig. Law § 7-103). Smaller buildings: held in trust, no interest required.
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Scan my New York leaseGeneral information only, not legal advice. Last verified 2026-10-22. Laws change; verify with the linked source or a licensed attorney.