Palmyra, NY Security Deposit Laws 2026
New York limits security deposits to 1 month(s) of rent. In Palmyra, that's $1,573 at the median 2BR rent of $1,573/month. Miss the 14-day return deadline and you could owe $3,146+.
In New York, landlords must return security deposits within 14 days after move-out. The maximum deposit is 1 month(s) of rent. Failure to return on time or provide an itemized statement can result in penalties of $3,146 or more.
Key Takeaways — Palmyra Security Deposit Laws
- Maximum deposit: 1 month(s) of rent = $1,573 at Palmyra's median rent
- Return deadline: 14 days after tenant moves out
- Penalty for late return: Up to 2x the deposit ($3,146)
- Itemized statement: Required with any deductions
Security Deposit Laws in Palmyra
Under New York law, landlords in Palmyra may collect a maximum security deposit of 1 month(s) of rent, regardless of whether the unit is furnished or unfurnished. At Palmyra's median 2-bedroom rent of $1,573/month, that means the most you can legally collect is $1,573.
$1,573
max deposit (1mo × $1,573)
14 days
return deadline
$3,146
max penalty for late return
Returning the Deposit: The 14-Day Clock
Once a tenant moves out of your Palmyra rental, New York law gives you exactly 14 days to either return the full deposit or provide an itemized statement of deductions. The clock starts on the day the tenant surrenders possession — not when you inspect the unit.
What you can deduct from a security deposit in Palmyra:
- Unpaid rent
- Damage beyond normal wear and tear
- Cleaning costs to restore the unit to move-in condition
- Costs for restoring or replacing personal property (if lease allows)
What you cannot deduct:
- Normal wear and tear (minor scuffs, carpet wear, faded paint)
- Pre-existing damage (document with photos at move-in)
- Professional cleaning if the tenant left the unit in reasonable condition
Penalty Warning
Violate New York security deposit laws rules in Palmyra and you could owe $3,146+. At Palmyra's median rent of $1,573/month, even a single violation adds up fast.
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How Palmyra Rents Affect Deposit Amounts
Deposit amounts scale with local rents. Here's what Palmyra landlords typically collect:
| Unit Size | Median Rent (Palmyra) | Max Deposit (1mo) | Penalty Risk |
|---|---|---|---|
| Studio | $1,116/mo | $1,116 | $2,232 |
| 1-Bedroom | $1,256/mo | $1,256 | $2,512 |
| 2-Bedroom | $1,573/mo | $1,573 | $3,146 |
| 3-Bedroom | $1,895/mo | $1,895 | $3,790 |
Rents based on HUD Fair Market Rents (FY2026) for Wayne County.
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More Palmyra Landlord Laws
Security Deposit Laws in Nearby Cities
Own properties in multiple cities? Rules may differ locally:
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Not ready to start? Get the free Security Deposit Laws checklist for New York landlords.
Download Free ChecklistReviewed by Rachid Abadli
Founder & CEO, LeaseBase · Sacramento landlord · Self-managing since 2019
LeaseBase is a property management platform — not a law firm. Consult an attorney for legal advice specific to your situation.
