So I got a letter along with my new apartment lease for this year letting me know that the security deposit has increased by around $50.
At first I thought the landlord was letting me know by how much my original security deposit (4 years ago when I first moved into the apartment) had increased (I know that it’s supposed to be placed in a savings account and accrues interest, which I believe is payed to me when I move out.). I didn’t do the math and thought that sounded fine for a year’s worht on interest on about $1300. I thought it was a bit strange though because he had never told me the amount before, I simply assumed it would go up about $30-$50 a year).
Today however, I get a call letting me know that he is expecting the check for the $50. And I was like ???
I know several people who are landlords and none of them have ever increased the security deposit on the same renters with a new lease. Also suspicious is the amount by which the deposit is increasing, it’s not an even number, which is why I immediately thought it was the interest increase on my original deposit amount. This would also be the first year of the 4 I’ve lived in the apartment where he has asked me for a security deposit increase. Weird. Another note: My rent has increased from $850 when I first moved in to $945 for this year. Which I guess might make some sense too, there’s about a $95 difference, split in 2, it kinda works…
So my questions are:
Is this normally done by landlords (increasing the securty deposit - specially by such a trivial amount after 4 years)?
Is it legal in my state (New Jersey).
Should I also be asking for the accrued interest on my original deposit, and am I correct in thinking I am due it once I move out?