 Rent Increase (by Peter [NJ]) Jan 11, 2022 3:41 PM
 Rent Increase (by Tony [NJ]) Jan 11, 2022 4:30 PM
Rent Increase (by Robert,OntarioCanada [ON]) Jan 11, 2022 5:13 PM
Rent Increase (by Ray-N-Pa [PA]) Jan 11, 2022 7:34 PM
Rent Increase (by Peter [NJ]) Posted on: Jan 11, 2022 3:41 PM
Message:
State Specific Question About: NEW JERSEY (NJ)
If I make capital improvements (updating the heating/cooling system) to an apartment that currently has a tenant, am I able to raise the rent of that tenant? If so, what is allowable by law? --12.19.xxx.xxx |
Rent Increase (by Tony [NJ]) Posted on: Jan 11, 2022 4:30 PM
Message:
This can vary by county but I asked this of a lawyer and was told to not exceed 10% / year for an existing tenant, even in this market. An increase in NJ cannot be unconscionable - so as not to shock the conscience of the average person. If it's raised too much and it ends up before a judge, the judge can override the increase and adjust it to a "reasonable" amount. --73.215.xxx.xx |
Rent Increase (by Robert,OntarioCanada [ON]) Posted on: Jan 11, 2022 5:13 PM
Message:
The consumer price index then every year increase rent over a period of time. A new HVAC system can easily last 10 to 15 years where over time it is paid for. If take 3 per cent per year then 3 per cent next and so on then the investment will paid off. --99.236.xxx.xxx |
Rent Increase (by Ray-N-Pa [PA]) Posted on: Jan 11, 2022 7:34 PM
Message:
Has the initial term of the lease ended and if so are you on a month to month term? --24.101.xxx.xxx |
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