Security deposit Interest NJ : ezLandlordForms

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Dave G

started a topic about 15 years ago

This question keeps popping up about setting up an account for Security Deposits to gain interests for the tenant. Is this a law in N.J.? Do we have to do this? I only have one rental bungalow.

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Denise S

said about 15 years ago

The security deposit cannot exceed more than one and one-half times the monthly rent, and must be deposited in a separate bank account that pays interest. The landlord must provide the tenant with written documentation stating the name and address of the bank, where the deposit is being kept, the amount of the deposit, the type of account, and the current interest rate for that account within 30 days of receiving the deposit. Please Note: The security deposit must be placed in a New Jersey bank and if not, the law requires the landlord to use the deposit in lieu of the rent and to forfeit the right to the deposit Within 30 days of lease termination, the landlord must return the balance of the security deposit and interest, along with a complete list of the damages, if any.

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Mary T

said almost 15 years ago

Does anyone know the legal amount I can charge for a security deposit? I will be renting my home for $625.00 per month. Thank you.

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Denise S

said almost 15 years ago

Oregon has no limit BUT it is good to be reasonable. And be sure to check out the new requirements for Oregon that are in effect as of the beginning of this year.