The end of your lease is approaching, and you’re starting to pack your boxes and take your art off the walls. Many months or even years ago, you probably paid the first month’s rent and a security deposit. As you’re preparing to move out, how do you make sure you get your deposit back? How much of that money can your landlord keep? And what do you do if for some reason you can’t recover it?
No matter if you live in a rent-stabilized or market-rate apartment, your security deposit can’t exceed the cost of one month’s rent, thanks to New York’s Housing Stability and Tenant Protection Act of 2019. A landlord must return the full amount of the security deposit if the tenant complied with the terms of the lease and left the apartment in the same condition as when they moved in, except for wear and tear.
A landlord has 14 days after you move out to send an itemized list of what they’re deducting from the security deposit to cover the cost of repairs for damage. If the landlord doesn’t do this within the two-week period, they must return the full amount of the deposit.
Wear and tear is all about “what happens naturally over time.” It includes things like faded or scuffed painted walls or a floor that needs to be buffed. Small holes from nails in the walls are considered wear and tear unless they would prevent the landlord from renting the apartment to the next tenant.
As a tenant, you have the right to request an inspection of the apartment before you leave and be present for the inspection. This allows the landlord to point out any issues, giving you the opportunity to fix them and get your full deposit back.
To have the best chance of getting your full deposit back, document everything. Take photos and videos before and after moving in, put everything in writing, and move out thoroughly. Make sure to remove all your belongings to avoid additional fees.
It’s risky to treat your security deposit as your final rent check. While the landlord can use the deposit to cover unpaid rent, it’s best not to skip paying the final month’s rent. If you disagree with the accounting of damage or if your landlord doesn’t return the deposit on time, you can contact the state Attorney General’s Office for help or file a claim in small claims court.
In buildings with at least six units, landlords must keep the security deposit in an interest-earning account at a bank. Tenants are entitled to the interest earned on the deposit, minus 1% for administrative purposes. While interest rates are typically low, it’s worth asking your landlord about where they’re holding the deposit and the interest rate.
By following these tips and understanding your rights as a tenant, you can increase your chances of getting your full security deposit back when moving out of your apartment in New York. Remember to document everything, communicate with your landlord, and seek assistance if needed to ensure a smooth transition.