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A rental application in New York is a legal document that allows landlords and property managers to screen applicants to determine who the most ideal candidate is. In metropolitan areas, there are often dozens of applicants for only one available rental. A rental application allows decision makers to fully vet an applicant, getting an in-depth view of their credit, income, and rental history to determine if he or she would be qualified or trustworthy enough to rent out the unit.
Although the state of New York has no cap on the amount that landlords may charge for a security deposit, applicants are encouraged to check their city and county laws, as some apartments and rentals in New York are rent controlled, or rent stabilized.
New York also doesn’t have a time limit as to when a landlord must return the security deposit to the tenant, however, it does dictate that the deposit must be returned within a reasonable amount of time. A “reasonable amount of time” implies 21 to 45 days.
On non-regulated apartments with more than six units, the landlord must pay the tenant interest. The tenant has the choice of having the interest deducted from the rent, paid annually, or paid when they move out (N.Y. General Obligations Law § § 7-103 to 7-108).
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