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Updated almost 3 years ago,

User Stats

115
Posts
39
Votes
Jake Drappi
  • New to Real Estate
  • Brick, NJ
39
Votes |
115
Posts

RENT CONTROL QUESTION FOR NEW JERSEY

Jake Drappi
  • New to Real Estate
  • Brick, NJ
Posted

Hello BP,

I am looking at a property in NJ and starting to get a better understanding on how rent control will affect my investment. The town I am looking for has some information posted, which I came across, but cannot decide if this is good or bad for the landlord. Here is the verbage, I wanted to see if anyone can offer an opinion if this will be positive or negative for my investment, should I win this one. The property I am looking at is in East Brunswick, NJ


"Rents may be increased no more than the percentage increase in the Consumer Price
Index for all items except real estate taxes for New York/Northeastern New Jersey
over the most recent twelve (12) month period. This method of calculating
permitted rent increases shall be applicable to all increases sought by a landlord

"A landlord seeking an increase in rent shall notify the tenant on a standardized form
provided by the East Brunswick Department of Planning and Engineering, by
certified mail, of the calculations involved in computing the increase, including the
most recent and pertinent available Consumer Price Index and the Consumer Price
Index twelve (12) months prior thereto. No increase in rent as set forth above, shall
become effective less than thirty (30) days nor more than sixty (60) days after notice
thereof by certified mail is given to the tenant"

"For leases of less than one (1) year, the landlord shall calculate the percentage of
rental increase by obtaining the ratio of the number of months since the last rental
increase divided by twelve (12) months. This fraction shall then be multiplied by
the Consumer Price Index percentage increase for the previous twelve (12) month
period in order to determine the percentage of increased rental to which the landlord
is entitled. "

"The landlord may seek a Property Tax Surcharge from a tenant based upon an
increase in property taxes in the year in which the surcharge is sought over the
immediately preceding year. The Property Tax Surcharge shall not exceed that
amount authorized by the following provisions:"

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