NY · Renter law
How much can a landlord charge for a security deposit in New York?
Since 2019, “first, last, and security” is not a legal ask in New York — the deposit and every advance combined can’t top one month’s rent. Most renters still don’t know how absolute that rule is, or how sharp the 14-day return deadline’s teeth are.
Updated July 15, 2026 · 6 min read
The short answer
One month’s rent — total. Under N.Y. Gen. Oblig. Law § 7-108, no deposit or advance on a non-rent-regulated rental may exceed one month’s rent, and that single limit covers the security deposit and any prepaid “last month’s rent” combined. A landlord cannot demand two months up front in any configuration. After you move out, the landlord has 14 days to return the deposit with an itemized statement — miss that, and they forfeit the right to keep any of it.
One month — total, not per label
New York’s 2019 tenant-protection overhaul rewrote the move-in math, and the deposit rule is stricter than most renters assume:
Your deposit also stays your money: under § 7-103 it’s held in trust and can’t be mingled with the landlord’s personal funds. So the lease line that still circulates on old forms —
“Upon signing, Tenant shall deliver: first month’s rent, last month’s rent, and a security deposit equal to one (1) month’s rent.”
— demands a month more than the law allows. First month’s rent is just rent; everything else, combined, is capped at one month.
The 14-day return rule and its forfeiture teeth
Within 14 days of your moving out, the landlord owes you an itemized statement of any deductions plus whatever’s left of the deposit. The enforcement mechanism is unusually sharp: miss the deadline and the landlord forfeits the right to keep any part of the deposit — the itemization dispute never even happens. Willful violations can add punitive damages of up to twice the deposit.
Fourteen days is genuinely short, and it’s the rule landlords break most. Date-stamp your move-out: return keys in a documented way, send your forwarding address in writing, and photograph the empty unit on the way out.
Application fees: $20 or actual cost, whichever is less
Bring your own recent credit report to apartment hunts and the application process should cost you nothing. A $100 “processing fee” is not a gray area — it’s five times the legal maximum.
Bonus rule: the late-fee cap
The 2019 law also caps late fees at $50 or 5% of monthly rent, whichever is less, with no fee until rent is five days late — so above $1,000 rent, the most a landlord can charge is a flat $50. A lease charging “$100 after the 3rd” breaks the rule twice, too big and too early. The full breakdown, with a calculator, is in our New York late-fee guide; and an unlawful fee can’t be quietly moved into your deposit deductions later — here’s what a landlord can and can’t take out of your deposit.
What to do with an over-limit demand
- Before signing: quote the statute, not a vibe: “§ 7-108 caps deposits and advances at one month combined — I’m ready to sign with that corrected.” In a competitive market, knowing the exact rule is what keeps the pushback credible.
- Already paid more than a month? Ask for the excess back in writing, citing § 7-108. Keep everything.
- Deposit not back in 14 days? Written demand invoking the forfeiture rule; small claims court handles up to $10,000 in NYC ($5,000 in town/village courts) — the forfeiture provision makes these cases unusually clean.
- Renting in the five boroughs adds a whole local layer — heat season, bedbug disclosure, window guards. Start with our NYC first-apartment guide.
Questions renters ask
Can a New York landlord ask for first month, last month, AND a security deposit?
No. That was the old convention, and the 2019 Housing Stability and Tenant Protection Act ended it. First month’s rent (which just pays for your first month) plus ONE month of deposit/advance is the ceiling. “Last month’s rent” on top of a full deposit exceeds the cap no matter how the lease words it.
What if I offer to prepay several months voluntarily — say, with no U.S. credit history?
The statute limits what a landlord may demand or receive as deposits and advances, and the safe reading is that prepayment schemes beyond a month are off the table for covered rentals. The market’s lawful workaround is a guarantor (personal or institutional) rather than stacking cash. Be skeptical of any landlord who suggests routing around the cap — the same landlord will be creative with your deposit later.
What happens if the 14 days pass with no itemized statement?
The landlord forfeits any right to keep any portion of the deposit — the whole thing is owed back. A willful violation can additionally cost the landlord punitive damages of up to twice the deposit. Fourteen days is short; landlords miss it constantly, and most renters never invoke it. Put your move-out date and forwarding address in writing so the clock is undeniable.
Is a pet deposit legal in New York?
Not on top of a full month. One month is the ceiling for all deposits and advances combined, whatever they’re called — pet deposit, key deposit, move-in fee. Pet rent (higher monthly rent) is the lawful mechanism landlords use instead.
Is the security deposit law the same in NYC as the rest of New York State?
The one-month deposit cap, the 14-day itemized-return rule, and the $20 application-fee limit are New York State law under the 2019 Housing Stability and Tenant Protection Act — they apply the same in New York City, Buffalo, Albany, and everywhere else in the state. What NYC adds on top is local: rent stabilization covers a large share of city apartments, and stabilized units carry their own deposit and renewal protections layered over the state floor. So the state deposit rules are your baseline statewide; in NYC you check whether stabilization gives you more.
Do these rules apply to rent-stabilized apartments?
The one-month cap language covers non-rent-regulated units, but rent-stabilized tenancies have their own protective framework, and the 2019 law tightened deposit practices broadly. If you’re in a stabilized unit, the deposit terms live alongside your stabilization rights — worth checking both before assuming anything.
Sources & statutes
Keep reading
LeasePatrol provides rental law information, not legal advice, and is not a law firm. Statute summaries here describe the law as of the “updated” date above; if you're facing an eviction or a lawsuit, talk to a tenant lawyer or your local legal aid office.