Security deposits are an important aspect of the landlord-tenant relationship. The security deposit serves as a safeguard against any damage or unpaid rent. However, there are strict rules on how security deposits can be handled, including the amount that can be charged, where to store the money, the timeline for returning the deposit, and the conditions under which deductions can be made. Our attorneys can advise you on compliance with laws related to security deposits and represent you in disputes over security deposits. Some key issues related to security deposits include:
- Amount of the security deposit: The amount of the security deposit in NJ cannot exceed one and a half months rent. NJSA 46:8-21.2
- Use of the security deposit: The security deposit can be used to cover damages to the rental property, unpaid rent, or other charges specified in the lease agreement.
- Return of the security deposit: Landlord has 30 days to return the Security Deposit after the tenant moves out, less any authorized deductions. NJ has strict notice requirements regarding security deposits. 46:8-21.1
- Deductions from the security deposit: Landlords can deduct money from the security deposit to cover damages or unpaid rent, but within 30 days the Landlord must provide the Tenant with an itemized list of the deductions. NJSA 46:8-21.1
- Disputes over the security deposit: If a Tenant disputes the deductions made to the security deposit, they can file a Complaint with the NJ Superior Court.
Our experienced landlord-tenant attorneys can help you understand your rights and obligations related to security deposits and represent you in disputes over security deposits. Contact us today to schedule a consultation with one of our experienced landlord-tenant attorneys.