Just for future information, in case it ever comes up:
The most a landlord can collect as a security deposit is one and one-half times the monthly rent. Cite: NJSA 46:8-21.2. There are no exceptions to this limit.
Notice of security deposit
The Rent Security Deposit Act requires the landlord to put your security deposit in a separate bank account that pays interest. The landlord must tell you in writing the name and address of the bank where the deposit is being kept, and the amount of the deposit. The law also states that if the landlord does not give you this written notice within 30 days after you pay the security deposit, the landlord loses the right to hold the security deposit.
I wish I knew this stuff several months ago. Now I do.