Is it legal to require first/last & 1.5 security deposit in NJ?

3 Replies

Is it legal to require first/last & 1.5 security deposit in NJ? I ask because i have an applicant that has some sort of assistance program that will pay the security and first month. the tenant is then on there own. if i accept this tenant (or any tenant in this same situation) i want to ask for first, last and the security so they will have some skin in the game so to speak and i will be better protected if they cant pay down the road. here are my qualifications so far: Tenant responsible for gas, electric, water and sewer. Credit score of 580 or greater desired. Criminal history, Credit history, Employment will be checked. No evictions in rental history. No pets or smoking. Verifiable income equal to at least 3 times monthly rent. Application fee of $35 per occupant over 18 years old. Security Deposit and first month's rent due at lease signing ($1,250 per month and $1,875 deposit)

The answer is in your state landlord tenant regulations. You will find them on line.

It is your responsible to know all the regulations as a landlord dealing with tenants.

No. 

1st month, of course. 1.5 rent for security. Not last month. And, yes, I have had tenants refuse to pay the last month of rent, leaving me 1/2 month as security for damages.

Yes 1.5 months security is legal in NJ. First and last is also legal.

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