New York Lease Agreement

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New York state has no limit on security deposits for nonregulated units. However, New York City (among other jurisdictions) with rent controlled/rent stabilized units may have local caps imposed.

New York state requires a security deposit to be kept separate from a landlord’s personal assets, but the statute does not require the deposit to made in a financial institution unless the landlord owns a residential building consisting of at least six units. then he or she must use a financial institution located in New York. (N.Y. Gen. Oblig. Law §§ 7-103 to 7-108).