NJ Limits on Security and Pre-paid rent? : ezLandlordForms

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NJ Limits on Security and Pre-paid rent?

Jason F

started a topic over 11 years ago

I'm a new landlord in NJ and just discovered that in an an apartment building one is limited to taking 1.5 months of security deposit. In addition, I've been told that requiring pre-paid rent (like first and last month) as a condition of renting is illegal. How are people with dubious credit supposed to get apartments with restrictions like that? I know I can request a guarantor, but if they don't have one to offer, 1.5 month security is just not enough as it takes longer than that to get a tenant evicted. Is there any legal way to get around this?

1 Comment

Luis M

said over 11 years ago

Under New Jersey landlord-tenant law, landlords may charge the equivalent of one and one-half months' rent for the security deposit. Any additional security deposit, collected annually, may be no greater than 10% of the current security deposit.