What is the maximum amount a landlord can charge as a security deposit?
New Jersey law (N.J.S.A. 46:8-21.2.) states that the most a landlord can collect as a security deposit is 1 1/2 times the monthly rent. (For example: if your total monthly rent is $1000, the most that he or she can collect is $1,500. If there were three students renting this property, they would each have to pay $500 as a security deposit.) Furthermore, your landlord is required by law to provide you, in writing, with the name of the bank, the account number, and the location of the bank where your security deposit is being held. Finally, when you are moving out of your rental, your landlord is required to return your security deposit with interest, within 30 days, from the date when you moved out of the property, less any rent that you owe, or any charges for repairing damage to the rental. If your landlord deducts any money for damages or back rent, he or she must give you a complete list of the damages he or she claims you made to the property and the cost of repairs. NOTE: Landlord
