Rent security deposits in NYC and in New York State are capped at one month of rent according to the Housing Stability and Tenant Protection Act of 2019. Within fourteen days of a tenant vacating, a landlord must provide the tenant with an itemized statement indicating the basis for the amount of the deposit retained, if any, and return any remaining portion of the deposit to the tenant.
Tenants in NYC also have the right to request an inspection before moving in to assess any existing damage, and landlords must draft a written agreement which itemizes any such damage. Additionally, all tenants have the right to request an inspection prior to moving out. The landlord must disclose the presence of any conditions which may result in a deduction from the security deposit, and the tenant has the opportunity to repair any issues prior to vacating the property.