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Security Deposits: Landlords’ and Tenants’ Rights in New York

posted Jun 24, 2014, 9:25 PM by Bryan Berson   [ updated Sep 13, 2014, 4:23 PM ]

A. What is a Security Deposit?

A security deposit is a tenant’s cash that a landlord holds during the rental term to offset potential damages caused by the tenant.

It is not rent. A landlord need not apply it to the tenant’s last month’s rent. The tenant must still pay rent during the last month of the tenancy. The landlord holds the deposit until after the tenant vacates.

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