Owning real estate, especially residential real estate for lease, is no small feat in New Jersey. There are layers of regulations that can entangle novice and experienced operators alike. Ultimately, the regulations help contribute to some of the safest and most desirable real estate in the entire country. We frequently turn to New Jersey Real Estate Attorney Blog to help us navigate the issues surrounding real estate in New Jersey. We're sure you'll find it accurate, informative and insightful.
New Jersey is poised to mandate that landlords accept rent payment by credit card. The bill awaiting signature by Governor Murphy will give tenants another option to remain current with their rent. Fees associated with credit card processing will be added to the amount due as rent. The COVID-19 pandemic has accelerated change in all facets of life, and residential leasing is no exception. Although accepting payment by credit card will be a technological hurdle for some apartment operators, it might improve collections during a time when evictions for nonpayment are barred. Renters should be aware that missed credit card payments can have a significant impact on credit score, and credit cards typically carry high interest rates compared to other loans. Nevertheless, credit cards might be a good option to help renters keep current with their rent.