Whether you are moving out of your parents’ house or movin’-on-up from the college dorms, your first apartment is a major milestone. You signed your first lease, gave your landlord the security deposit and first month’s rent, and the place is yours! Everyone remembers the excitement of unpacking their stuff in their new, albeit likely temporary, home; decorating the place; picking out new furniture and window treatments; scrounging together every 20% Bed, Bath & Beyond coupon you can find. We’ve all done it.
But do you remember receiving the first notice from the landlord informing you where your security deposit is? If you don’t, it may be because it never happened, which is a violation of New Jersey’s Rent Security Deposit Act.
A landlord is legally obligated to deposit every security deposit, which cannot be more than the total of 1.5 months’ rent of the lease, in an interest-bearing account within 30 days of receiving the funds. Then, the landlord must provide written notice to the tenants confirming:
There are many instances in which a landlord must provide subsequent notices to their tenants, including an annual notice that coincides with the interest-payment received from the bank. This is because the interest accrued belongs to you, the tenant!
Has your landlord failed to comply with this law? Contact the Hunnell Law Group for a free consultation.
Written by Ryan Westerman, Esq.