N.J. Stat. § 46:8-21.2 : — PROPERTYATTORNMENTS BY TENANT TO STRANGERS TO TITLE; EFFECT —21.2 - Limitation on amount of deposit TEXT PDF An owner or lessee may not require more than a sum equal to 1 ½ times 1 month's rental according to the terms of contract, lease, or agreement as a security for the use or rental of real property used for dwelling purposes. Whenever an owner or lessee collects from a tenant an additional amount of security deposit, the amount collected annually as additional security shall not be greater than 10 percent of the current security deposit. N.J.S. § 46:8-21.2 Amended by L. 2003, c. 188, s. 5, eff. 1/1/2004. L.1971, c.223, s.4, eff. June 21, 1971.