Lease Agreement requirements in New York
- All tenants aged 18 or older must be listed and sign the lease.
- Rent amount, due date, and late fees must be clearly stated (late fee capped at $50 or 5% of monthly rent for many regulated units).
- Security deposit is limited to one month's rent for most residential units (except small landlords with 10+ units or buildings with 6+ units).
- Lease must include the tenant's right to a habitable dwelling and landlord's obligation to maintain it.
- Provide a copy of the lease to the tenant within 30 days of signing (for leases of 1+ years).
- For buildings with 3+ units, lease must disclose the landlord's name and address.
How to create a Lease Agreement in New York
- Gather necessary information: landlord and tenant names, property address, rent amounts, lease term (start/end dates), and any rules.
- Use a lease template tailored to New York, or draft your own ensuring it complies with state and local laws (e.g., NYC rent stabilization if applicable).
- Fill in all terms: rent, security deposit, utilities, maintenance responsibilities, pet policy, and termination conditions.
- Review for required disclosures: lead paint (if built before 1978), mold, and flood risk (for properties in high-risk zones).
- Both parties sign. While notarization is not mandatory for residential leases in New York, it may help for proof of signatures.
- Provide signed copies to the tenant and keep a copy for your records.
What a Lease Agreement typically costs
Costs for a lease agreement can vary. Using an online template may cost $10-$50, while hiring a lawyer might range from $300 to $800. Filing fees are rare for standard leases; but if you file in a court, expect small fees. Most landlords rely on templates to save money, but professional review ensures compliance with local laws.
Ready to draft your New York lease agreement? Download a state-specific template that covers all the essentials.
Create your lease agreementNY Lease Prep Checklist
Before drafting your New York lease, gather key details and understand state-specific requirements to avoid costly mistakes.
- Verify the property's legal address and confirm you have the right to rent it (e.g., ownership or management authority).
- Check local rent stabilization or rent control rules if the building was constructed before 1974, as they may limit rent increases.
- Decide on the lease term (e.g., one year) and understand that New York generally requires written leases for terms over one year.
- Prepare disclosures such as lead paint (for pre-1978 buildings) and security deposit limits (capped at one month's rent).
- Include all occupants' names and require each adult to sign; you may want to run credit and background checks before signing.
- Know that notarization is not typically required for residential leases in NY, but having both parties sign and date is essential.
Frequently asked questions
Does a New York lease need to be notarized?
No, notarization is not required for residential leases in New York. However, having it notarized can help if you need to prove the signatures later.
What is the maximum security deposit a landlord can charge in New York?
For most residential units, the maximum security deposit is one month's rent. However, certain small buildings (with 10+ units or 6+ units) may allow up to two months' rent, but these are exceptions.
Can a landlord raise the rent without notice?
No. For non-regulated units, landlords must give 30 days' notice for rent increases of 5% or less, and 60 days' notice for increases over 5%. For rent-stabilized units, there are specific rules.
Are there required disclosures in a NY lease?
Yes. You must include lead paint disclosure for buildings built before 1978, and potential mold disclosure. Also, for buildings with 3+ units, you must provide landlord contact info.