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A New York residential lease agreement is a legally binding contract between a landlord and a tenant, outlining the terms under which the tenant may occupy the landlord’s property. This agreement typically has a fixed term, usually lasting one year, and is governed by both state and local landlord-tenant laws.

Rental Application

A rental application is a form used by landlords to evaluate prospective tenants’ rental, work, and credit history. This helps landlords determine whether applicants are likely to pay rent consistently.

Required Disclosures

New York law mandates specific disclosures that landlords must provide in residential lease agreements. These disclosures vary based on the location and type of property.

General Disclosures

  1. Flood History Disclosure & Risk Notice: Landlords must inform tenants if the property is in a FEMA-designated floodplain and disclose any prior flood damage. The lease must include the following statement:

    “Flood insurance is available to renters through the Federal Emergency Management Agency’s (FEMA’s) National Flood Insurance Program (NFIP) to cover your personal property and contents in the event of a flood. A standard renter’s insurance policy does not typically cover flood damage. You are encouraged to examine your policy to determine whether you are covered.”

  2. Lead-Based Paint Disclosure: Required for properties built before 1978, landlords must notify tenants of potential lead-based paint hazards and provide an EPA pamphlet.

  3. Security Deposit Receipt: Landlords must provide tenants with the name and address of the bank where the security deposit is held.

  4. Operative Fire Sprinkler System Notice: Leases must include a conspicuous disclosure regarding the presence or absence of a functioning fire sprinkler system.

  5. Good Cause Eviction Notice: Landlords must inform tenants of their rights under the New York State Good Cause Eviction Law.

New York City Specific Disclosures

  1. Allergen Hazards Disclosure: Landlords must provide a disclosure regarding indoor allergen hazards, including mold and pests.

  2. Bedbug Disclosure: Landlords must disclose any bedbug infestations in the previous year.

  3. Stove Knob Covers: For tenants with children under six, landlords must provide stove knob covers and notify tenants in writing.

  4. Window Guard Disclosure: If a child under ten lives in the unit, landlords must install window guards.

  5. Smoke/CO Detector Disclosure: Tenants must be informed about the function and proper usage of smoke and carbon monoxide detectors.

  6. Smoking Policy Disclosure: Landlords must specify the building’s smoking policy.

Security Deposit Laws

  • Maximum Amount: A landlord cannot charge more than one month’s rent for a security deposit.
  • Returning: Security deposits must be returned within 14 days of the end of a tenancy.

Rent Payment Laws

  • Grace Period: Tenants have a five-day grace period for rent payments.
  • Maximum Late Fee: Late fees cannot exceed $50 or 5% of the monthly rent, whichever is less.
  • NSF Fee: There is no statute for NSF fees; however, the fee must be stated in the lease.

FAQs

In New York, landlords must provide several required disclosures in residential lease agreements, including allergen hazards, bedbug history, flood risk, lead-based paint information for properties built before 1978, and details about the fire sprinkler system. Additional disclosures may apply in New York City, such as stove knob covers for families with young children and window guard requirements.

In New York, the maximum amount a landlord can charge for a security deposit is one month’s rent. The landlord must return the unused portion of the deposit within 14 days after the tenancy ends, along with an itemized list of any deductions.

A standard residential lease agreement in New York typically lasts for one year. While oral leases for shorter terms are permitted, they cannot be enforced for periods longer than one year.

In New York, landlords can charge a maximum late fee of $50 or 5% of the monthly rent, whichever is less. Additionally, there is a grace period of five days after the rent due date before the late fee can be applied.

No, lease agreements in New York do not need to be notarized. They are treated as standard contracts, and as long as both parties sign the lease, it is legally binding.

A New York residential lease agreement should include the names of the landlord and tenant, property address, lease duration, rent amount and payment terms, security deposit details, and any specific rules regarding utilities, pets, and maintenance responsibilities.

The Good Cause Eviction Law in New York requires landlords to provide specific reasons for not renewing a lease or evicting a tenant. This law aims to protect tenants from arbitrary eviction and applies in certain cities that opt into the law.

If a landlord fails to include mandatory disclosures in a lease agreement, they may face legal penalties, including fees, denial of eviction rights, and other consequences. Disclosures are crucial for tenant safety and awareness.