Rent laws in New Jersey allow for large hikes in most cases.
Q. My son and daughter-in-law have been renting a condo and their lease is up. But the landlord wants to raise the rent by almost 15%. I know costs are up everywhere but can they do that?can raise the rent 15%.We’re going to assume your son and daughter-in-law don’t qualify for housing assistance under federal law, which has its own guidelines.said Claire Toth, an attorney and certified financial planner with Peapack Private Wealth Management in Summit.
“Rent can only be raised at the end of a lease term or with thirty days’ notice for a month-to-month lease,” she said. “The landlord must provide a Notice to Quit, formally ending the tenancy and a notice of theThe existing lease should spell out how far in advance the landlord must provide these documents, she said.
The landlord is also able to increase the required security deposit, but not to more than 150% percent of a month’s rent, Toth said. “Some New Jersey municipalities have their own rules about rent increases,” she said. “Your son and daughter-in-law should contact their local municipal clerk to determine if they live in such a location and if so, what additional rules apply.”
They can always try a counteroffer to the landlord, especially if they have a solid payment history, given that it costs money for the landlord to prepare a rental for a new tenant.They may find staying put, even with the big rent hike, is more cost effective in the long run.
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