Whether you are a tenant or a landlord across New York State, you should pay close attention to the changes in the law affecting both parties. The Housing Stability and Tenant Protection Act of 2019 provides protections for individuals who rent across New York State and important protections for all renters, particularly those with preferential rents, as well as those living in manufactured home parks. Continue reading this blog to learn a few highlights of these important changes.
Security deposits have been now capped, protecting all residential renters, with a few exceptions. You should be aware that landlords can only charge up to one month of your future agreed upon rent. In addition, you should be aware that in order for a rent payment to be considered “late” it has to be received more than five (5) days after its due date. Furthermore, your landlord can only charge you a late fee of fifty dollars ($50.00) or five percent (5%) of your monthly rent, whichever is the lesser amount.
If you reside and rent in a non-rent-stabilized or non-rent-controlled area, it is now easier to obtain your security deposit as the landlord must return it within fourteen (14) days after you move out of the premises. If the landlord retains the security deposit due to damages, an itemized receipt must be provided to you within those 14 days. If your landlord fails to provide such itemized receipt, then you must receive the entire security deposit.
Please note that this blog should be read for informational purposes only. If you have any questions or require additional information on this topic, please contact our office. Stay tuned for our next blog on landlord/tenant updates.
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