NEW YORK CITY (PIX11) — Security deposits are one of the many fees New Yorkers must prepare for when moving into an apartment, but the cost of that can increase even years after moving in.
New York City landlords may sometimes raise the cost of a security deposit while also raising a tenant’s rent, but is that something your landlord can do even after years of living in an apartment? According to the Rent Guidelines Board, the answer is yes.
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The state Homes and Community Renewal department outlines that when a lease is renewed and the rent increases, the landlord can also raise the security deposit to match the new monthly cost. This is because the amount of a security deposit can match the cost of up to one month’s rent.
Landlords can even raise security deposits even if a tenant may be exempt from a rent increase.
While tenants may not be happy about the extra cost, there might be one thing to look forward to. Upon moving out, tenants are owed their security deposits back with interest, so long as they honored the terms and conditions of the lease and left the apartment in the same condition as when it was rented, aside from normal wear.
Building owners must keep tenant security deposits in an interest-bearing account in a New York State bank, the name and address of which should be made known to renters. Tenants should be able to choose whether the interest is subtracted from the rent, held until they move out or paid in a lump sum at the end of each year.
How can I get my security deposit after I move out?
Within 14 days after someone moves out of a building, landlords must give them an itemized statement showing how much of their security deposit was used to fix the apartment. If anything is left over, the remaining amount must be returned to the former renter.
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If the landlord doesn’t give a statement within 14 days, they forfeit any right to a portion of the deposit.
Renters who may disagree with their landlords over the refund or payout of a security deposit can file in Small Claims Court or contact the Consumer Frauds and Protection Bureau of the NYS Attorney General.
Dominique Jack is a digital content producer from Brooklyn with more than five years of experience covering news. She joined PIX11 in 2024. More of her work can be found here.
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