Do landlords have to pay interest on security deposits in New York?

Yes — New York law requires interest on held security deposits for buildings with 6+ units. Since 2019 HSTPA, security deposits are capped at 1 month for all units. Interest required for buildings with 6+ units. Landlord may deduct unpaid rent and repair costs for damage beyond normal wear and tear.

How large can the deposit itself be in New York?

New York generally allows at most 1 month's rent as a security deposit.

When do I get my security deposit back in New York?

Generally within 14 days after move-out, together with any interest owed.

New York Deposit Interest Rules

interest required (buildings with 6+ units)

New York is one of 14 US jurisdictions that require landlords to pay interest on security deposits in covered rentals — the FAQ below covers which tenancies qualify. If your lease is silent about interest, the statutory obligation still applies where it covers you.

Educational information: generated from our New York law database (last updated 2024-01-01). Not legal advice.

How New York compares

14 of 51 US jurisdictions require landlords to pay interest on security deposits. Here is how New York compares with other states in our database.

State	Deposit Interest Rules
New York	interest required (buildings with 6+ units)
North Carolina	no interest required
North Dakota	interest required (leases of 9+ months)
Ohio	interest required (excess amounts, tenancies of 6+ months)
Oklahoma	no interest required

Frequently asked questions

Do landlords have to pay interest on security deposits in New York?: Yes — New York law requires interest on held security deposits for buildings with 6+ units. Since 2019 HSTPA, security deposits are capped at 1 month for all units. Interest required for buildings with 6+ units. Landlord may deduct unpaid rent and repair costs for damage beyond normal wear and tear.
How large can the deposit itself be in New York?: New York generally allows at most 1 month's rent as a security deposit.
When do I get my security deposit back in New York?: Generally within 14 days after move-out, together with any interest owed.

Check Your Lease Against New York Law

Not sure whether your lease complies with New York law? Upload it and our analyzer flags problem clauses — deposit terms, entry rights, fees and prohibited provisions — using the same statute-backed database this page is generated from.

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More New York lease law guides

Educational information generated from state statute data — not legal advice. Consult a licensed attorney in New York for your specific situation.