New York A01431 establishes security deposit options for tenants, including installment payments and rental security insurance.

New York A01431 amends the real property law to require landlords to offer tenants alternatives to a traditional security deposit. These options include paying the deposit in installments over six months, a reduced one-time payment of up to 50% of the monthly rent, or a deposit through the Department of Social Services grant program. Additionally, landlords may accept rental security insurance as an alternative to a security deposit.

New York A01431 establishes security deposit options for tenants, including installment payments and rental security insurance.

New York A01431 amends the real property law to require landlords to offer tenants alternatives to a traditional security deposit. These options include paying the deposit in installments over six months, a reduced one-time payment of up to 50% of the monthly rent, or a deposit through the Department of Social Services grant program. Additionally, landlords may accept rental security insurance as an alternative to a security deposit.