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Old 10-30-2011, 02:26 PM
 
13 posts, read 34,914 times
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I'd like to buy a condo in Hudson county. Right now it's vacant but unit was formerly rent controlled and landlord never lived there. How does vacancy decontrol work with a new owner? What else do I look out for?
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Old 08-13-2019, 08:31 PM
 
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What is the current law concerning rent control and or rent stabilization in Bayonne NJ?
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Old 08-14-2019, 05:56 AM
 
650 posts, read 762,964 times
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Never decontrols in many towns. You could owner occupy to free it.
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Old 08-14-2019, 08:04 AM
 
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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.

Last edited by pretorius; 08-14-2019 at 08:22 AM..
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Old 08-14-2019, 10:39 PM
 
10,181 posts, read 10,199,549 times
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Quote:
Originally Posted by pretorius View Post
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.
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