NYREJ Publishes Article by Thomas Kearns on Seasonal Rental Concerns

New York Real Estate Journal recently published an article authored by Olshan Real Estate partner Thomas Kearns entitled “Concerning Seasonal Rentals” (subscription required). (The article is also available on our blog.) The article discusses the amendment of New York’s General Obligations Law Section 7-108 in September 2021 to specifically exempt seasonal rentals from the one-month security deposit limit but with some caveats. When discussing the changes brought about by this amendment, Mr. Kearns stated that, “The property must be, and the lease must expressly state that the property is registered as a seasonal-use dwelling unit and the lease must include the local or city government agency with which is registered. Not all jurisdictions have an agency accepting seasonal rental registrations. Second, the lease can’t exceed a 120-day term, and the property can’t be rented as a seasonal rental to anyone for more than 120 days per annum, and third, the tenant must have, and the lease must recite, the primary residence of the tenant that the tenant may return to after the lease expires.”