Some tenants have lots of questions about security deposits and a few other issues. If you are one of them, allow me to give you some quick facts regarding deposits (this is for NJ but may vary by state):
Can I live out my security deposit instead of paying my last month's rent?
A: It depends, you are not automatically entitled to do this. Terms regarding security deposits are normally spelled out in the lease. Many landlords require prior approval before you live out your security deposit. Some do not allow it at all. Get clarification because for your protection.
What is my landlord does not have my security deposit because they either spent or otherwise mishandled it?
A: This is illegal. The landlord cannot spend your money and is required to return it when your lease is up.
Where does my security deposit go?
Landlords are required to place your security deposit in a separate bank account (it cannot be mixed with the landlord's own money). The account must be also be interest-baring. The landlord must return your deposit (less any damages or rent owed) to you within 30 days of the termination of your lease. The landlord is also required to give the interest to the tenant.
The landlord wants 2 or 2 1/2 months of security. Is this legal?
A: No, a landlord in the state of New Jersey can only ask for 1 1/2 times the amount of the rent for security.
The landlord specifically wants an Asian female as a tenant. Is this legal?
A: No, this is discrimination. A landlord cannot discriminate based on gender, race, ethnicity, or familial status (familial status may be acceptable if the landlord lives on the premises).
These are just a few questions but there are more to come in my upcoming rental book. I hope this helps for now.
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