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Home › Resource Centers › Resources for Renters › Glossary of NYC Real-Estate Terms You Might See On Your Rental Lease
The vast majority of NYC apartments for rent require that tenants put down a Security Deposit—usually the equivalent of one month's rent—to be held by the landlord for the entire time the lessee lives in the apartment. The landlord generally holds the Security Deposit in a savings account, and gives any interest earned on the deposit to the tenant on an annual basis. The landlord can use the Security Deposit to repair any extraordinary damage within the rental apartment once the tenant moves out. If there is nothing beyond normal wear and tear at the time of the tenant's departure, the landlord returns the entire Security Deposit.