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Free New York Property
Management Agreement Template

Who owns the property, who will manage it, and when the arrangement begins.

Last reviewed July 2026

Written by LawLease Editorial

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New York Property Management Agreement

This Property Management Agreement is built with New York as the governing state. These are the New York landlord-tenant rules that most often bear on it, with the statute for each.

New York rules at a glance

New York rules for a Property Management Agreement
Security deposit limit1 month’s rent; the “first and last month” practice is prohibitedGOL §7-108
Deposit return14 days with an itemized statement, or the landlord forfeits itGOL §7-108(1-a)(e)
Landlord entryNo statutory minimum — reasonable notice by common law
Late feesOnly after rent is 5+ days late; max $50 or 5% of rent, whichever is lessRPL §238-a

Security deposits in New York

New York caps the security deposit — and any advance — at one month’s rent for every residential unit (GOL §7-108). That means the old “first month, last month, and a security deposit” arrangement is no longer allowed; it exceeds the one-month cap.

  • Held in trust — The deposit stays the tenant’s money and can’t be commingled with the landlord’s funds; in buildings of 6+ units it must sit in an interest-bearing NY account (GOL §7-103).
  • Inspections — The landlord must offer a walk-through before move-in and again before move-out (with 48 hours’ notice) so the tenant can fix issues before deductions (GOL §7-108).
  • Return — Within 14 days of move-out the landlord must return the deposit with an itemized statement of any deductions. Miss the deadline and the landlord forfeits the right to keep any of it — even for real damage (GOL §7-108(1-a)(e)).
  • Bad-faith penalty — A willful violation can cost the landlord up to twice the deposit in punitive damages (GOL §7-108(1-a)(g)).

Rent, late fees & rent increases

  • Late fees — A late fee can’t be charged until rent is more than 5 days late, and it can’t exceed $50 or 5% of the monthly rent, whichever is less. Any clause charging more, or charging sooner, is void (RPL §238-a).
  • Application fee — Capped at $20 (the actual cost of a background/credit check), and waived entirely if the applicant supplies their own recent report (RPL §238-a(1)).
  • Increase & non-renewal notice — To raise rent 5% or more, or not renew, the landlord must give 30 days’ notice (tenant under 1 year), 60 days (1–2 years), or 90 days (2+ years). Miss the deadline and the tenancy continues until the notice runs (RPL §226-c).
  • Good Cause Eviction — In NYC and localities that have opted in, increases above 10% (or 5% + CPI, whichever is lower) are presumptively unreasonable and the landlord must show a “good cause” to evict (RPL Article 6-A).

Landlord entry & access

New York has no statute setting a fixed entry-notice period. Access is governed by the implied covenant of quiet enjoyment; Attorney General guidance treats “reasonable” notice as roughly a week for repairs and 24 hours for inspections, with immediate entry allowed in an emergency. A lease that promises a specific window is making a contractual promise, not restating a hard statutory floor.

New York Property Management Agreement FAQs

How much can a landlord charge for a security deposit in New York?

No more than one month’s rent, for both regulated and unregulated units. That cap also bars the traditional “first and last month plus a deposit,” since the total advance can’t exceed one month (GOL §7-108).

How long does a landlord have to return a security deposit in New York?

14 days after the tenant moves out, along with an itemized statement of any deductions. Missing the 14-day window forfeits the landlord’s right to keep any of the deposit, even if there was damage (GOL §7-108(1-a)(e)).

What is the maximum late fee in New York?

A late fee can only be charged once rent is more than 5 days late, and it can’t exceed $50 or 5% of the monthly rent, whichever is less. Any lease clause charging more, or charging earlier, is void (RPL §238-a).

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