Clarification on New Jersey regs:
Hello, as the title states I'm looking for some clarification on NJ landlord regulations. Specifically the security deposit and prepaid rent portion.
The security deposit, including any prepaid rent cannot exceed 1.5 times the rental amount. So using $1000 per month as an example
I've had one lawyer tell me the most I can collect upfront is $1500 which would be the first months rent + a $500 security deposit. This seems very low.
Another attorney told me I can charge $1500 for the security deposit as well as first AND last months rent for a grand total of $3500.
Using a $1000 a month rent guideline, could anyone possibly shed some light on this?