A New York standard lease agreement is a legally binding contract between a landlord and tenant for leasing residential space. The lease grants the tenant the right to occupy the dwelling for a fixed term.
The lease agreement should include the rent amount, payment date, lease length, termination options, security deposits, and the rights and responsibilities of both parties. Once the tenant agrees to the terms, they sign the lease, and the landlord hands over the keys.
Considerations on Lease Length
- The maximum duration of a typical residential lease agreement is one year. Oral agreements for a period shorter than one year are allowed, but they cannot be enforced for periods longer than one year. Hence, all agreements for a year or more must be in writing. (New York General Obligations Law Section 5-701)
- If a tenant is renting a property for more than 12 months, a lease agreement must be drafted. Even if the lease is for less than 12 months, it is still recommended to have a written document to prevent any legal complications.
- If a tenant continues to occupy a rental property after their lease has expired, their tenancy automatically becomes a month-to-month tenancy unless there is a new agreement in place.
Security Deposit
- Maximum Amount ($): One month’s rent. (§ 7-108(1-a)(a))
- Returning to Tenant: Within 21 days. (§ 7-108(1-a)(e))
Rent Grace Period
Tenants have a grace period of five days to pay their rent. (§ 238-A(2))
Landlord Resources
- Landlord-Tenant Laws – § 7: (Landlord and Tenant)
- Handbook – New York Tenants’ Rights Guide & Tenant Protection Act of 2019 Guide
