Short-Term Rental Proposed Legislation
New proposed legislation will require refunds or credit if a tenant cancels their rental booking, on certain short-term rentals and transient accommodations while a state of emergency or public health emergency is in effect. If enacted, this legislation could greatly harm the summer rental market throughout New Jersey, especially at the Jersey Shore.
Requiring real estate licensees to return commission payments weeks or months after it has been received could cause irreparable financial hardship, especially in the midst of a global pandemic. Likely, it would then fall to the broker, in order to comply with the regulations. It would also be an unnecessary hardship for landlords to return funds, as many rental properties are used as investments and the funds are used for mortgage and upkeep.  If a tenant can cancel their booking at any time, there is no protection to the landlord or property owner who, if given time, could find other tenants to book.
Beyond the financial implications, this legislation could have unintended and unprecedented consequences on contract law in the state. For the state legislature to override real estate contracts would likely set a far-reaching precedent in New Jersey.
Protect our industry and the sanctity of contract law in New Jersey and send a letter to your state legislator—the letter has already been written for you.
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