security deposit

Performance Property Real Estate Question

NJ Landlord Security Deposit Restriction

Q: Gerald, I have been a landlord in NYC for years. I bought my first property in North Jersey and was wondering how much of an extra security deposit I can collect for a pet? Alan, Brooklyn, NY A: According to NJ state law, a landlord may not require or accept more than 1 ½ times 1 month’s rent according to the terms of a lease as a security deposit. Every local real estate market has its own unique landlord-tenant laws and in NJ, the security deposit rule is clear—1 ½ months period—Even when you increase a tenant’s rent as a landlord, the additional amount of security deposit collected annually as additional security cannot be greater than 10 percent of […]

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