In most states, landlords are allowed to collect security deposit from their tenants, including New York. Security deposits can serve as a cushion against things such as unpaid rent or damages to the property. In New York, security deposits can: Help cover the cost of damaged carpet: If the carpet is damaged beyond normal wear and tear, landlords can charge tenants for the cost. Landlords also have the option to deduct the cost from the security deposit. Be used to cover the cost of nail holes on the walls: If tenants damage the walls due to …
New York Rental Laws - An Overview of Landlord Tenant Rights in New York
The landlord-tenant law in New York regulates the long-term rental business in the state. As a landlord in New York, it’s crucial to understand the New York landlord-tenant law to know your rights and responsibilities, as well as those of your tenants. To avoid any issues during the course of a tenant’s lease term, both landlords and tenants should stay in compliance with the law. Knowing the law also allows you to deal with any legal issues should they arise during the term of the tenancy. Required Landlord Disclosures in New York According t…
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