Real Estate Bookkeeping In New York
New York City rent stabilization and the surrounding regulatory stack make deposit and pass-through accounting more consequential than almost anywhere else, while Buffalo and Albany run conventional multifamily economics.
Locate the city nearest to you and select your software below to learn more. Don’t see your city? Schedule a meeting with us to learn more about how REA can help your property management accounting needs.
New York at a glance
- Security deposit return
- 14 days
- Governing statute
- GOL 7-103
- Cities we publish
- Albany · Buffalo · New York City
What New York Law Changes About Your Books
Deposit Handling and Trust Requirements
Trust and deposit rules are set state by state, and they change the accounting itself, not just the paperwork around it. A deadline is a ledger requirement: you cannot return a deposit inside a statutory window if the ledger cannot say what is owed.
Security deposits
New York General Obligations Law section 7-103 requires the deposit, and an itemized statement of any deductions, within 14 days of the tenant vacating. Deposits must sit in a separate interest-bearing account located in New York State, used exclusively for tenant deposits. Missing the deadline forfeits the right to withhold any part of the deposit.
Trust and segregation
GOL 7-103 states outright that deposits are held in trust for the tenant. New York is therefore the clearest example of deposit money being legally somebody else's money rather than a landlord liability.
What we do about it
- Deposit liabilities tracked per tenant, so a 14 days deadline is answerable from the ledger
- Trust accounts reconciled three ways, including every beneficiary balance
- Deduction documentation recorded against the correct ledger, not filed separately
- Aging deposits flagged before the statutory window closes
Summary of statutory requirements provided for orientation. It is not legal advice, and local ordinances can impose stricter rules than the state minimum.
Cities We Cover in New York
Market by Market
We work with property managers and investors across all of New York, all 1,614 cities and towns of it. The markets below are the ones we publish New York-specific detail for. If yours is not listed, the same team and the same GOL 7-103 rules still apply.
Albany
Albany’s rental market is shaped by its dual identity as New York’s state capital and a major university hub, with SUNY Albany driving consistent student housing demand alongside a steady government-sector tenant base. Property managers here navigate a mix of older multifamily buildings, some of which fall under New York rent stabilization, and a growing stock of market-rate units serving state employees and healthcare workers.
Bookkeeping by platform
Buffalo
Buffalo’s rental market is defined by affordable single-family homes undergoing rapid gentrification, a strong student housing segment near the University at Buffalo, and a growing multifamily corridor driven by downtown revitalization. Property managers operating in this market face a mix of aging housing stock, evolving tenant protections, and the compliance demands that come with New York State landlord-tenant law.
Bookkeeping by platform
New York City
New York City’s rental market is one of the most complex in the country, shaped by decades of rent regulation, DHCR oversight, and a dense mix of multifamily co-ops, condos, and rent-stabilized buildings across all five boroughs. Property managers operating in this environment face accounting demands that go well beyond standard bookkeeping.
Bookkeeping by platform
Select Your Software
We Work Inside Your Platform, From Anywhere in New York
Services Available in This State
Every back-office function below is available on its own or as part of a full monthly close, anywhere in the state.
Experts In All Property Types
Residential, commercial and everything in between. The asset class changes what the books have to prove, and our teams are staffed accordingly.
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community AssociationsSee the page
- CommercialSee the page
Check Out What Our Clients Have To Say About Us
Property Managers, Investors & Owner Operators
Handed over the whole accounting function
I highly recommend Real Estate Accounting (REA) services from this group. They truly are great and have helped us tremendously at a time we needed it the most. I felt very comfortable giving up all my accounting responsibilities to this team and I'm still glad I made the decision to work with this group. Nothing less than an amazing experience!
Day-to-day financial operations
REA and team have been nothing but excellent helping our firm with its day to day financial needs. Their expertise, professionalism, and timeliness have made our lives so much easier. We foresee a long relationship with REA and team.
Onboarding and responsiveness
Real Estate Accounting truly is a special company. They helped as if they were a part of our company, with the concern and caution as an employee would have, but even more. They quickly ascertained our needs and developed an effective team to help with our accounting needs. They were extremely responsive and always accurate. I would recommend their services to anyone who needs help with their property management accounting.
230+
Property Accountants
30M+
Commercial Sq. Ft.
Up to 50%
Saved vs In-House
Every month
On-Time Close
Property Accounting for New York Portfolios
Schedule a call and we will walk your New York deposit and trust setup, tell you whether it reconciles today, and scope the monthly work.