In July 2019, the rental laws in New York were significantly changed. Following are 2 important changes:
1.) A landlord who fails to return a security deposit within 14 days of the expiration of the lease term forfeits his/her right to retain any portion of the deposit regardless of whether there may be any damages to the premises. For willful failure to return the security deposit, a landlord shall be liable for punitive damages up to twice the amount of the security deposit.
2. For leases with a definite term, if a landlord does intend to renew the lease, the landlord must send notice of his/her intention not to renew the lease including the vacate date, as follows: For a lease term less than a year, the landlord must give 30 days’ notice to the tenant; for a lease term from 1 to 2 years, 60 days’ notice must be given to the tenant; and for a lease term greater than 2 years, 90 days’ notice must be given.
