Can I Rent at Market Value After Home Previously Under Control

[Karmina Lima Fonseca]

Hi BiggerPockets community,

I'm considering purchasing a 2-family home in Guttenberg, NJ, which was previously registered as rent control with the town. The current seller has done a complete rehab on the property and is now selling it vacant.

My question is: Am I allowed to rent out the units at market value given that the property was previously under rent control? Are there specific regulations or processes I need to be aware of to ensure compliance with local laws? Any insights or experiences with similar situations would be greatly appreciated!

Thanks in advance for your help!