Quote:
Originally Posted by pretorius
I'm aware the original post is from years ago. In New Jersey, rent control is determined and enforced by municipalities, not counties. The Hudson County municipalities with rent control tend not to enforce it. Most tenants living in rent controlled units are unaware they live in rent controlled units.
|
Yes, and it also depends on what someone thinks "rent control" is.
In most cases, in NJ, it means that a LL can't raise the rent more than a certain percentage every year.
There are two types of "decontrol" allowed in the NJ city my rentals are in:
1. Vacancy Adjustment Request:
Unit qualifies every 24 months (2 years) on a vacant unit.
No improvements to unit are required to be documented.
Increase is calculated from the annual CPI + 4% adjustment factor
2. Market Decontrol Request
Qualifies if the vacating unit has NOT been granted a Market Decontrol in the past 5 YEARS
Owner has made investments into the unit or to the common space (pro-rated over multiple
units) of at least 15% of the vacating tenants annual rent.