New Jersey Rental Guide 2022

When Will My Lease Officially Begin? A lease “begins” on the start date listed on the first page of your lease. The specified date is the first day that you are allowed to occupy the apartment and the first day you start being held accountable for rent. If you choose to move into the apartment after your lease begins, you will still be accountable for the rent from that date regardless of the actual date you begin to occupy the property. As such, it is best to begin your lease on the same day as your move-in day to avoid paying rent for time not spent occupying the apartment. The start date of your lease will vary depending on the landlord. Most owners prefer to start and end all their leases on a particular day, usually the 1 st or 15 th of the month to start with, and the last day of any month to finish. This strategy simplifies the monthly billing and annual renewals for their management team. Although this is common, there are still many owners who will begin a lease on any day of the month and set the end date for exactly 365 days later. If your lease does not begin on the 1 st of the month and end exactly 12 months later, then it is best to discuss what the rent payment will be for the ‘short month’ at the lease signing. All owners will still expect to receive one month’s rent and one month’s security deposit at lease signing. They will then pro-rate the following month’s rent to account for the days you did not live in the apartment the month prior. Some owners may require the tenant to provide a full month’s rent and the pro-rated rent together in advance, while others may only require the full month’s amount in advance. When Do I Receive My Keys? When you receive the apartment keys, it is at the discretion of the landlord. As such, it is best to inquire about this during the lease signing. In many cases, you will receive keys on your move-in day when you first arrive at the apartment building. Alternatively, some owners may give you the keys once you have signed the lease if the apartment is already vacant.

WHAT IS A CREDIT SCORE?

Overview Whenever you borrow money for a purchase, your lender (also known as a creditor) will expect repayment in full by the end of the billing period, or you will have to pay interest on the outstanding balance. Whether you pay in full or make a payment and carry a balance forward, your lender will keep a record of each reimbursement and whether it was paid on time. These records are sent to one of three national credit bureaus, where it is compiled into an individualized credit history and respective credit score. Your credit score is then tied back to your individual Social Security Number. This credit score will fluctuate based on your financial habits; if you fail to make payments towards a debt on time, it will negatively impact your credit score. A low or “bad” credit score can make it more difficult to obtain future credit, secure an apartment, or obtain insurance.

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Rental Guide: New Jersey