What is a reasonable rent increase in NJ?
The allowable rent increase should never exceed 4% in any consecutive 12-month period.
How much can Apartments raise rent in NJ?
If the landlord wants to increase the rent, he or she must abide by the percentage of the CPI three to 15 months prior to the end of the lease. The allowable rent increase should never exceed 4% in any consecutive 12-month period.
Why is rent so high in New Jersey?
Rent.com’s study determined that many of the rent increases are being driven by a 37-year low in vacancy rates, a home-buying market still simmering despite rising mortgage rates, and renters on the move.
Does New Jersey have a rent control law?
The State of New Jersey does not have a law controlling or governing rent increases or rent leveling. However, any municipality within the State of New Jersey may adopt an ordinance controlling rent increases. Your municipal clerk can tell you if a rent control ordinance exists within your municipality.
Is there commercial rent control in Newark NJ?
There is no commercial rent control in Newark. The Rent Control Board’s primary function is to conduct hearings and mediation of tenant and landlord petitions regarding the adjustment of rents under the City’s rent control laws.
Can a landlord charge for Bounced Checks in New Jersey?
New Jersey does not regulate the amount that landlords may charge for bounced checks. However, these fees must be disclosed within the written lease. Although the state of New Jersey does not regulate rent control, there are many municipalities within the state with ordinances regarding rent.
Which cities in New Jersey have rent control/stabilization?
Newark, Jersey City, Elizabeth, Lakewood, Clifton City, Trenton, Passaic, Union City, Bayonne, East Orange, New Brunswick, and Camden all have rent control/stabilization. To view the entire list of New Jersey cities with rent control/stabilization ordinances include click here.