Know What Residential Lease Disclosures to Provide in 2025
New York City rents reached another record high in March, 2025. According to a Douglas Elliman report prepared by Miller Samuel available HERE, the median rent in Manhattan was $4,500. In New York City, Landlord obligations, also continue to increase. This client alert will address the 2025 obligations of residential landlords, which includes pied-à-terre and Condo and Co-Op landlords.
Good Cause Eviction Notice
In 2024, New York State passed Good Cause Eviction (GCE). Our client alert from when the law originally passed is available HERE. Under RPL §231-c, all landlords are required to include a GCE notice on a new lease, or renewal. A sample notice can be found HERE.
GCE protections apply to units in buildings with a certificate of occupancy before 2009. Small landlords (those with 10 or fewer units statewide), luxury rentals (units exceeding 245% of Fair Market Rent), and specific housing types (e.g., co-ops, condos, and seasonal rentals) are excluded from Good Cause Eviction, but even if a unit is exempt, a landlord must still issue a GCE notice.
Flood Disclosures
As of June 21, 2023, all residential leases must disclose flood plain status, flood history and the availability of flood insurance to tenants. All new leases and lease renewals should contain this disclosure. Our client alert when the law was originally passed is available HERE.
Bed Bug, Window Guard, Lead Paint, Indoor Allergen, Sprinkler Disclosures
These disclosures have been in place for a while, but are important to include in any lease or renewal. In particular, window guard notices have heightened importance as Owners are required to install and maintain window guards where a child 10 years or younger lives.
Housing Stability and Tenant Protection Act (HSTPA) Notice Requirements
Passed in 2019, the HSTPA marked significant legislation affecting free market rental owners. Small landlords unfamiliar with the law faced consequences including owners being unable to deduct from the security deposit or tenants staying beyond the length of their lease. One case in the Hamptons infamously made the New York Post multiple times. See more on our blog HERE.
The HSTPA requires that all residential landlords, including pied-à-terre owners, provide advance notice if they are not renewing a lease or if they are raising the rent by 5% or more. The length of the notice period depends on how long the tenant has occupied the unit.
- Tenants who have occupied a unit for less than 1 year are entitled to 30 days’ notice.
- Tenants who have occupied a unit or have a written lease term of at least one year are entitled to 60 days’ notice.
- Tenants who have occupied a unit or have a lease term of at least two years are entitled to 90 days’ notice.
The HSTPA also affects landlords’ obligations regarding security deposits. As of 2019, security deposits may not exceed one month’s rent (with an exclusion for seasonal rentals). Landlords must offer an inspection between 1-2 weeks before the tenant surrenders possession of the apartment and provide the tenant 48 hours’ notice of the inspection; and must provide an itemized list of any damage or other condition discovered in the inspection that must be cured. Finally, the landlord must return the security deposit within 14 days of tenant’s surrender of the Premises or provide an itemized list of damages. Failure of the landlord to timely return the deposit with any itemized list of deductions for uncured damage or conditions forfeits the right to retain any portion of the deposit for cleaning or repairs. More information on the law can be found HERE.
Our firm offers access to RezCue, a proprietary lease tracking system developed for New York landlords. RezCue monitors lease terms, calculates deadlines, and provides alerts for HSTPA notices and other requirements.
The foregoing is not intended to be comprehensive nor constitute legal advice. If you would like to discuss your specific circumstances or would like more information, feel free to contact us at (212) 625-8505.