Tenant security deposit accounts in NJ

[Fahima Hilal]

Hello landlords, 

Do you open a separate landlord/tenant account for the security deposit everytime you rent a unit ? WHat about the multiplexes? It does get difficult when the number of units gets bigger, doesnt it ? Is it legal to hold it all under one savings account? 

[Vaughn Smith]

@Danilo A. You should have a separate account for each unit in the name of the tenants that live in the unit. You'll need your tenants to fill out a W-9 and whatever other form your bank requests in order for you to open the account in the tenants name. You must also let the tenants know where there security deposit is held.