Landlords Beware: New Jersey Ranked as the Worst State to Own Property

I don’t see why anyone would want to rent out their home. It seems hard to own a home and not have much say in how it’s taken care of.

A long time ago, I had to go to court as a witness for my landlord who was trying to kick out another renter for not paying rent. They hadn’t paid in months, had people staying there who shouldn’t have, threw parties all the time, and were generally bad people.

I remember that during a break, my landlord’s lawyer told her that under New Jersey law, a lease gives the renter almost all the power, and that a landlord couldn’t do much to get rid of a bad tenant quickly.

Based on a study that ranked states from most landlord-friendly to least landlord-friendly, I think not much has changed.

Roofing Craftsmen looked at key factors to find out where being a landlord paid off and where it didn’t. They looked at things like when you have to pay rent before you can be evicted, how deposits are returned, how much notice you have to give before you can enter the property, and how much rent people are willing to pay in the area.

The very last place went to New Jersey.

The amount of money an owner can ask for a security deposit is one area where we fall short. There is no cap in 23 states. In those states, it’s your property, and you can do what makes you feel good. People who want to rent from you don’t have to if they think it’s unfair. Being grown with both of them. What a unique idea, huh?

The law in New Jersey says that an owner can’t ask for more than one and a half months’ rent as a deposit. Of course, our average property tax rate kills us too. It’s the highest rate in the country at 2.3%.

Wyoming was found to be the best state for landlords. Wyoming landlords have the second-lowest average property tax rate in the top 10 (0.58%). There is also no legal limit on security deposits, and landlords have up to 60 days to return deposits, which can be longer if charges are made.