Pay or credit annual security deposit interest (6+ unit buildings). In a New York building with six or more units, security deposits must earn interest in a New York bank account and that interest, minus an administrative fee of 1% of the deposit per year, belongs to the tenant, so settling it each year the way the tenant chose (paid out, credited toward rent, or held in trust until the lease ends) keeps the deposit in order and heads off disputes at move-out.
The New York rule
Each rule shows its schedule, its primary sources, and the date it was last verified.
Related rules in New York
The New York guide lists every compliance obligation, the seasonal maintenance calendar, and baseline upkeep.
Open the New York landlord guide · Security deposit interest in every state
What Landautomate does with this page
This guide is the reading version of the Landautomate New York rule base. In the app, the same rules become dated tasks on each New York property, timed to its purchase date, lease dates, age, and climate, with an email before each one is due. The free preview shows a sample of that schedule for New York in under a minute, no account needed.
See this calendar built for your own property
The free preview takes a state and a few property facts and shows the schedule Landautomate would run, no account needed. Every new account starts with a 30-day free Pro trial, no card required.