Help CenterIn the bustling metropolis of New York City, where the rental market is one of the most dynamic in the world, navigating the intricacies of leasing agreements is vital for both landlords and tenants. One key aspect that often poses questions and concerns is the security deposit return. Ensuring a full return of your security deposit hinges largely on the condition of the apartment when you move out.
What is a Security Deposit?
A security deposit is a sum of money paid upfront by a tenant to a landlord. Its primary purpose is to protect the landlord against potential losses, such as unpaid rent or damages to the property beyond normal wear and tear. In NYC, the amount is usually equivalent to one month's rent, though this can vary.
When is the Security Deposit Returned?
By New York state law, landlords must return a tenant's security deposit within 14 days after the tenant moves out. If there are deductions from the deposit, we will provide an itemized statement detailing the reasons and costs.
Normal Wear and Tear vs. Damage
It's crucial for tenants to understand the difference between "normal wear and tear" and actual damages:
Normal Wear and Tear: These are the natural and gradual deterioration of an apartment that occurs over time, regardless of care and maintenance. Examples include faded paint, worn-out carpet, or minor scuffs on the floor.
Damages These are the results of negligence, carelessness, accidents, or abuse by the tenant. Examples include broken windows, large holes in the walls, stained carpets, or unapproved paint colors.
How to obtain your Security Deposit:
Click here to fill out a move out request.
Complete a final inspection with either your superintendent or manager.
Review and sign the move out charges form provided to you on the day of the final inspection.
You must provide a forwarding address so that we may return your deposit in a timely manner.
Why did I not receive my Security Deposit?
Security Deposits can be lost in the USPS mail system. Please allow an additional 7-10 days after the timeframe for the deposit to be received.
If you wish to ensure your security deposit is received, please forward a pre-paid USPS Priority mail label to info@block.nyc along with your forwarding address.
Alternatively, you can provide ACH information so that the Security Deposit may be electronically transferred to your bank account.
At times, there may be damages to the apartment that may meet or exceed the Security Deposit amount. If you have questions or concerns about this, please do not hesitate to contact our office by emailing info@block.nyc.