Major Changes In New York Rent Laws You Need To Know About

With house prices continuing to rise, more people are looking to rent in New York. If that's you, then you should know that the "Housing Stability and Tenant Protection Act of 2019" recently brought in some major changes that you should know about.

Security Deposits: No More Surprises

If you're looking for a new place, you'll be happy to know that landlords in New York can now only charge up to one month of rent for a security deposit. No more shelling out the big bucks to move in.

This applies to all residential rentals, with only some exceptions. Also, if your rent is $1500 a month, your security deposit can't be more than that. And here's more good news for you- no more paying in advance for your last month's rent while you're also throwing down a security deposit.

Late Fees and Credit Checks: Keeping it Fair

If you're a procrastinator when it comes to rent, you'll be happy to hear that a payment is only considered late if it's more than five days late. The most your landlord can charge you with as a late fee is $50 or 5% of your monthly rent - whichever is less.. When it comes to background and credit checks, you can skip those fees by providing your own recent check.

Lease Breaks Made Easier

Are you thinking about moving before your lease is up? Well, your landlord has try to fill your spot before you leave. If they find a new tenant who's paying the same or higher rent, you are off the hook for the rest.

Receipts, Evictions, and Security Deposits: Knowing Your Rights

Landlords can't turn you down for a rental based on past problems with previous landlords. Are you facing eviction? There's a chance you could get up to a year to find a new place if you can't find one in the same area and neighborhood.

What about getting your security deposit back? Your landlord now has only 14 days after you move out to give it back along with proof that they made deductions.