New York Rental/Lease Agreements are required by Federal law to include certain information, including:
- the names of both the landlord and tenant,
- description and address of the property,
- any pet limitations,
- information regarding health hazards,
- how much rent and security deposit are due,
- The location and date of where and when the rent is to be paid
States may differ on some key issues. For example, some states may impose less stringent security deposit laws, while others may require move-in checklists or specific utility payment arrangements.
To protect your legal and financial rights, it is important to familiarize yourself with the specificities and nuances the State of New York requires when executing a lease agreement.
1. New York Residential Lease Agreement Sample
The sample lease agreement below describes a contract between “Landlord” Freddie Jensen and “Tenant” Bobby Kim. He agrees to rent an apartment in New York City for $1,000 per month for a fixed term. The tenant agrees to pay for all utilities and services for the Premises.
This is a good example of what provisions a simple lease agreement might contain, and how one should look in its final form.
2. New York Landlord and Tenant Laws
New York imposes specific and distinct requirements for landlords and tenants when executing a Lease/Rental Agreement. For example, New York law provides for the following:
- There is no limit on the amount of a security deposit a landlord can request from tenants, so long as it is written in the lease. (No statute)
- A landlord must give assurances that a tenant’s deposit will not be co-mingled with a landlord’s personal assets.(N.Y. GOL §§ 7-103)
- If the deposit is held in an interest-bearing account, the landlord is entitled to receive the equivalent of one percent (1%) per year, in exchange for all other administrative and custodial expenses. (N.Y. GOL §7-103)
Landlord Right of Entry:
- A landlord need not provide notice to enter the property, although it is highly recommended they inform their tenants before entry. (No statute)
Additionally, New York law dictates:
Prohibited Lease Provisions:
- A lease provision will be prohibited and void where a landlord seeks to waive liability for injuries to property or persons caused by their own negligence, where a tenant’s right to a jury is waived, and when furniture is required as collateral for rent. (General Obligations Law § 5-321)