Need a Property Rentals Contract in New York? AroundWire Can Help

In New York, property rental contracts—covering both residential and commercial properties—are governed by a combination of state statutes, local ordinances (notably in New York City), and well-established industry practices. Key contract characteristics include detailed identification of the premises, explicit term lengths (fixed or month-to-month), and clearly defined rental rates and payment schedules. Security deposit handling is regulated, with residential leases typically capped at one month’s rent and strict requirements for return within 14 days of lease termination. Commercial leases are more flexible but often require personal guarantees and longer terms. Insurance obligations are significant: lessors commonly require lessees to carry liability and property insurance, naming the landlord as additional insured. Legal requirements mandate compliance with anti-discrimination laws (e.g., New York State Human Rights Law), disclosure of lead paint hazards (for pre-1978 properties), and, for certain municipalities, rent regulation or stabilization rules. Licenses are generally not required to rent property, but real estate brokers must be licensed. Risk factors include default, property damage, and regulatory non-compliance; contracts typically address these through indemnification, maintenance clauses, and default remedies. Payment terms are usually monthly, with late fees regulated in residential leases. Dispute resolution preferences in New York favor litigation, but commercial contracts may specify arbitration or mediation. Notably, leases must be in writing for terms exceeding one year (Statute of Frauds), and local law may require additional disclosures or rider agreements.