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  1. #1
    Join Date
    Jan 2011
    Posts
    9

    Default Paying for an Increase in the Security Deposit

    My question involves landlord-tenant law in the State of: New Jersey

    A relative of mine got notice to renew her lease and along with a rent increase, they are asking for an additional security deposit.

    She is fine with the increase. But it is the increase in the security that is bothering her, so she asked me to look into this.

    I did some research and I am not sure if she is required to pay for the increase.

    A landlord is required to place security deposits in bank accounts that pay at least the regular rate of interest which is according to the law cited (N.J.S.A. 46:8-19, sections a, b, and c) The interest earned on the security deposit belongs to the tenant, and should be paid out in cash every year or subtracted from the amount of rent owed on each renewal of the lease. She has not received any interest payment since moving which was 10 years ago. Can they take the interest due and put it toward the security deposit increase? After ten years there should be enough interest to cover that amount.

  2. #2
    Join Date
    Jan 2008
    Posts
    252

    Default Re: Paying for the Increase in the Security Deposit

    The law you cite does not apply to all housing in NJ. What type of housing does she live in and does the owner live on the same property?

  3. #3
    Join Date
    Jan 2011
    Posts
    9

    Default Re: Paying for the Increase in the Security Deposit

    Quote Quoting lill
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    The law you cite does not apply to all housing in NJ. What type of housing does she live in and does the owner live on the same property?
    Thank you for the response.
    My relative lives in an apartment in a multifamily building. The owner does not live in the building.
    Can you tell me where it does not apply to all housing in NJ? I want to know what I missed.

  4. #4
    Join Date
    Jan 2008
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    252

    Default Re: Paying for the Increase in the Security Deposit


  5. #5
    Join Date
    Jan 2011
    Posts
    9

    Default Re: Paying for the Increase in the Security Deposit

    It does not indicate that this does not apply to apartments in multi families. So will the interest cover the increase?

  6. #6

    Default Re: Paying for the Increase in the Security Deposit

    Quote Quoting Duxryu
    View Post
    Thank you for the response.
    My relative lives in an apartment in a multifamily building. The owner does not live in the building.
    Can you tell me where it does not apply to all housing in NJ? I want to know what I missed.
    Are there more than 10 units? -- http://www.state.nj.us/dca/divisions...depsit_law.pdf

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