Security Deposit and Rent - Which Other Factors to Consider While Creating a Rent Agreement?

1. Security Deposit and Rent - Which Other Factors to Consider While Creating a Rent Agreement? You have just finalized a property for rent. Now you are willing to sign the rental lease agreement in New Jersey. Do you know which factor must be part of the agreement? Security Deposit •It is the norm for most leases. •No need for a security deposit with a maximum of two rental units. •It equals one and a half months of rent. •A separate security deposit bank account needs to be maintained. •The interest on the security deposit has to be paid to the tenant. •No need for a pet deposit to be paid separately. •The deadline for returning the security deposit is 30-days after the lease is terminated. •The landlord must give the list of damages for which deductions will be made from the security deposit. Lease Rent and Fee •Rent becomes due as per the details mentioned in the agreement. •Notice of 30-days is needed to increase the rent. •The rent grace period is 5-days only. Other factors that matter in the rental lease agreement in New Jersey are notice for entry, a late fee on delayed payment of rent. When you are signing the rental lease agreement, consider all the factors well.