As a landlord, you spend many hours every month finding tenants, showing units, and writing up leases. Our New Jersey Residential Lease Forms save you time without hiring a lawyer, which also saves you money. There - that was easy.
Q: How much can I charge the tenant for a security deposit?
A: You can charge an amount that is equal to 1 1/2 times the monthly rent. Make sure that you issue a receipt to the tenant, as a written record of the amount paid. Under the New Jersey Rent Security Deposit Act, you must inform the tenant where the deposit is being held and when it will be returned to him/her at the end of the tenancy. You cannot deduct anything from the deposit while the tenant still lives in the rental unit.
Q: Do I have to pay interest on the security deposit?
If you own less than 10 rental units, you have to pay at least the regular rate of interest. If you own 10 or more rental units, you're required to place the security deposits into an insured money market fund or a federally insured bank account which pays interest at money market account rates.
Q: How long do I have to refund the deposit after the tenant moves out?
You've got 30 days to return the security deposit and accrued interest, less any amounts being deducted for outstanding rent or the costs of repairing any damages caused by the tenant. If you're deducting any amounts, you also have to provide an itemized statement to the tenant.