Updated over 13 years ago on . Most recent reply
Rent Increase - Purchased a house with tenants but no leases
I purchased a house in NJ (Essex County) - 3 family home. The tenants are paying below market rents and are month to month. They have no leases in place. 2 of the tenants are fine but the 3rd one is only paying $650 when the going rent is $1,050.
My question is how much rent can I increase without legal implications.
Also the house currently has oil heat that the landlord pays - if i don't increase the rent and just convert their heating to gas so all tenants pay individually.... is that legal if I state it on their new lease? I am concerned that their gas bill would tremendously hike.
Any help would be greatly appreciated.
Most Popular Reply
How is that you bought a property with a sitting tenant and not know if it is in a rent control area? Many of the cities and townships in Essex have rent control. Depending on where the property is, you could be stuck with that tenant paying under market rents for life. No kidding. You'll definitely want to do some research on your city/township and get details. Hopefully in you are in a city without rental ords.