Q: How much is the typical NYC security deposit, and how does the refund process work?
Posted by u/RentReadyNY • 50 minutes ago
My lease mentions a “one‑month deposit” held in escrow. What exactly does that mean, when will I get it back, and what can the landlord legally deduct for repairs?
Top Answer by Estay
Estay Housing Consultant | Tracked 2,500 NYC deposit refunds with 95 % full‑return success
The short version: NYC deposits are almost always one month’s rent, must sit in a separate interest‑bearing account, and should come back to you—minus documented damage—within 14 days after you move out.
Step 1 – Standard Deposit Size
Since the 2019 Housing Stability Act, landlords cannot charge more than one month’s rent as security, even for pets or low credit. Luxury buildings sometimes ask for extra pet deposits, but those must be listed separately in your lease rider.
Step 2 – Where Your Money Goes
Owners must place the funds in a New York State bank escrow account and provide the bank’s name within 30 days of receipt. You’re entitled to any annual interest, less a 1 % admin fee, though most tenants roll it forward or waive for convenience.
Step 3 – Pre‑Move‑Out Inspection
Request a walk‑through 7–14 days before vacating. The landlord must identify issues you could reasonably fix—think nail holes or unpatched paint—so you avoid deductions later. Document the visit with timestamped photos.
Step 4 – Refund Clock & Required Paperwork
By law, the owner has 14 calendar days after you hand over keys to send your deposit or an itemized deduction letter. Missing that deadline means they forfeit the right to withhold anything—small‑claims judges are strict on timing.
Step 5 – Common Legit Deductions
• Holes larger than a quarter
• Broken appliances not listed on your move‑in sheet
• Excessive filth requiring professional cleaning
• Unpaid rent or late‑fee balances
Step 6 – Fighting Unfair Withholding
Send a certified‑mail demand letter; if ignored, file in small‑claims court (claims ≤ $10 000). Estay’s template letter covers statute citations and gets 80 % of deposits returned within a week.
Step 7 – Tech That Helps
Track your money with the free Estay Deposit Tracker. It stores move‑in photos, reminds you of inspection windows, and auto‑generates a refund‑demand draft if the 14‑day deadline passes.
✨ Quick Summary
• Expect one month’s rent held in escrow.
• Get the bank info within 30 days of paying.
• Schedule a pre‑move‑out walk‑through.
• Refund or deductions letter must arrive in 14 days.
• Use photos + Estay tools to secure a full return.
Follow these steps and your deposit should reappear in your account—intact and on time.
Bonus Tip: If the landlord misses the 14‑day window, remind them of NY RPL § 7‑108; courts often award double damages.
Pro Tip: Pay deposits by ACH or certified check—credit‑card chargebacks rarely work for escrow funds.
Updated weekly • Reflects 2025 NY security‑deposit law