1 800-518-0890SECURITY DEPOSITS
Your landlord may retain a security deposit equal to one month's
rent. The only exception to this rule is for rent stabilized
tenants who signed their first lease before May 29, 1974 and paid
two months rent as security.
If you paid more than the legal amount, you are entitled to a
refund.
If there are six or more apartments in your building, the
landlord is required to place your security deposit in an
interest-bearing bank account. You are entitled to know the name
of the bank and the account number. If you make a request to the
landlord, you are also entitled to annual interest payments on
the account, although your landlord may deduct one percent of the
amount to defray bookkeeping expenses.
When you sign a renewal lease, the landlord may increase the
security deposit by the same amount as the increase in the
monthly rent.