New Jersey Interest on deposits

Does a landlord have to pay interest on a security deposit in New Jersey?

Required. Deposits must be held in trust in an interest-bearing account at a New Jersey bank (or, for 10+ units, an insured NJ money market fund or variable-rate account). Interest belongs to the tenant and is paid in cash or credited to rent yearly. Written notice of the bank, amount, account type and rate is due within 30 days and at each annual payment.

Verified Source: N.J.S.A. 46:8-19 · last checked 2026-10-23