New York gives you fourteen days after a tenant vacates to deliver an itemized statement. Miss it and the law strips your right to retain any portion — not the disputed part, all of it — no matter how much real damage there was.
Sixty seconds. No account, no email required.
“Within fourteen days after the tenant has vacated the premises, the landlord shall provide the tenant with an itemized statement… If a landlord fails to provide the tenant with the statement and deposit within fourteen days, the landlord shall forfeit any right to retain any portion of the deposit.”
Six questions about how you handle deposits. We'll show you the dollar figure at risk and exactly which statutory obligations you're likely missing. Nothing is stored and nothing is sent anywhere.
Estimates based on your inputs and New York statutory penalties.
§ 7-103(2-a). Deposits may never sit in an operating account, at any building size.§ 7-103(2). Courts treat a missing notice as evidence of commingling — which is the worst finding available, because it voids your right to deduct anything at all.§ 7-108(1-a)(f) you carry the burden of proving any deduction was reasonable. A deduction without paired before-and-after evidence is one you should expect to lose.We'll do the first five buildings by hand, at no cost — the inspections, the evidence, the itemized statements, the interest math. You see exactly what compliant looks like before you decide anything.
None of this is new law — but the penalties got sharper in 2019, and in November 2025 the whole regime was extended to rent-stabilized units that had been carved out for six years.
From the day the tenant vacates. Miss it and you forfeit the right to retain any portion of the deposit, whatever the damage.
Buildings with six or more units must hold deposits in an interest-bearing account at a New York bank. You may keep 1% a year. The rest is the tenant's money.
A willful violation exposes you to punitive damages of up to twice the deposit — and the statute reaches "any person," which has been read to include managing agents personally.
Tenants must be told the name and address of the bank holding their money. A missing notice supports an inference of commingling — and commingled funds can't be applied to anything.
You must offer a move-in inspection before occupancy, and a move-out inspection one to two weeks before the end of tenancy with 48 hours written notice — plus a chance to cure.
In any dispute over what you kept, the statute puts the burden on the landlord to show the amount was reasonable. Not on the tenant to show it wasn't.
Free tools now generate statute-citing New York demand letters from a few photos and a move-out date. A tenant who would once have shrugged now sends a letter that cites § 7-108 correctly.
Recent settlements have run from $54,800 to $422,598 in restitution, with penalties on top, mandatory segregation of deposits by building, multi-year compliance reporting, and $500-per-day penalties for future violations.
Chapter 436 of the Laws of 2025 extended the itemization deadline, the inspection rights, the forfeiture rule and the 2× punitive exposure to rent-stabilized apartments — roughly 996,600 units citywide.
You keep your bank, your accountant and your process. We sit on top and make sure the clock, the evidence and the arithmetic are all correct before anything goes out.
Add your addresses. We pull unit counts and regulatory status from public records, work out which buildings cross the six-unit interest threshold, and generate the bank notices your tenants should already have.
Inspection offers go out on schedule with the right notice periods. Your super photographs the unit at move-in and move-out from their phone. Every image is timestamped and paired.
At move-out, price your deductions and we depreciate them against a published useful-life schedule, strike anything that's normal wear and tear, compute the interest owed, and deliver a statement the tenant can't argue with — well inside fourteen days.
We don't hold your money. We're not a bank, we're not an escrow agent, and we have no access to your accounts. The deposits stay exactly where they are — in your own trust account, at your own bank, in your own name.
That's a deliberate design choice, not a limitation. Handing tenant money to a startup is a risk you shouldn't take and we shouldn't ask for. What we do is make sure the deadline is met, the evidence exists, the interest is right, and the paperwork is defensible.
No per-unit subscription, no annual contract, no minimum portfolio. The compliance clock and the statement generator are free forever, because a missed deadline helps nobody.
Free, no commitment, and you keep everything we produce. We do it because we learn more from running five real move-outs than from any amount of guessing — and because you shouldn't have to take our word for what compliant looks like.
Twenty minutes. We'll ask one question: walk us through what happens in your office when a tenant moves out.
We'll be in touch within one business day. In the meantime, [email protected] reaches us directly.