New Jersey has one of the most stringent residential tenant security laws in the nation. First, the landlord can charge no more than 1 ½ times the monthly rental amount as a security deposit. Next, s/he must deposit the money in an interest bearing account for the benefit of the tenant, and notify the tenant of the name and address of the bank where the deposit is kept. Absent such notice, the tenant may elect on written notice to the landlord to apply the security deposit to the rent. If the landlord raises the rent in the future, the most s/he can collect as additional security is 10% of the original security deposit.