Author Topic: Raising Rent  (Read 2007 times)

Offline ae123

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Raising Rent
« on: December 08, 2021, 06:38:19 PM »
There's been some discussion about this here:
https://forums.dansdeals.com/index.php?topic=59628.msg2508573#msg2508573
But I think it deserves its own thread.

When rents went down, many tenants asked their landlords to lower the rent.
Now rents have gone up.
Is it only a one-way street?
The costs of maintenance, servicing, etc. of these basements have gone up due to inflation. Shouldn't the rents go up too?
Are people raising rents on existing tenants?
If yes, by how much?
« Last Edit: December 08, 2021, 06:41:41 PM by ae123 »

Offline Mf1

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Re: Raising Rent
« Reply #1 on: December 08, 2021, 07:47:38 PM »
Was it reasonable price before it was lowered ?

Offline aygart

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Re: Raising Rent
« Reply #2 on: December 08, 2021, 07:54:55 PM »
Was it reasonable price before it was lowered ?
How do you define reasonable
Feelings don't care about your facts

Offline Mf1

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Re: Raising Rent
« Reply #3 on: December 08, 2021, 08:05:25 PM »
How do you define reasonable
thats's exactly the  thing
for many landlords reasonable may only be if they are making a relatively exorbitant profit above costs...

Offline aygart

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Re: Raising Rent
« Reply #4 on: December 08, 2021, 08:11:55 PM »
thats's exactly the  thing
for many landlords reasonable may only be if they are making a relatively exorbitant profit above costs...
Why are you looking at this one sided? For many tenants reasonable may only be if the landlord never recoups his costs.
Feelings don't care about your facts

Offline ae123

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Re: Raising Rent
« Reply #5 on: December 09, 2021, 12:00:46 AM »
Was it reasonable price before it was lowered ?
5-6 years ago tenants were trying to bring rents down $25-$75.
Now these same tenants are all indignant when landlords want to raise rents from approx. $1100 to $1200, even though the market rate is approx. $1400-$1700.

Offline yesitsme

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Re: Raising Rent
« Reply #6 on: December 09, 2021, 01:06:01 AM »
Why should rent be any different then any other service? Everything went up in price including housing and maintenance

Offline monoso

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Re: Raising Rent
« Reply #7 on: December 09, 2021, 09:26:58 AM »
Landlords typically in Lakewood do not raise rents on their tenants, because they were not gaining enough to risk the relationship, however now it is probably worth it. Keep in mind the courts would generally see a rent hike of over 5% as unethical and the tenant can fight the rent hike in court. I'm not sure how they are deciding currently although I spoke to a big local property manager and she said it would be considered not reasonable. I don't think most tenants would complain too much now because a lot of people did raise rents. I am curious what the rabbanim are saying, they must have had cases already.

Offline LNS

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Re: Raising Rent
« Reply #8 on: December 09, 2021, 09:45:28 AM »
when i rented and the prices went up our rent was raised but not to the maximum people were asking at the time and same happened two years later when rent was back down our rent was lowered also to a fair number at the time although not the lowest it could have been

i think that was very fair for both parties

Online jye

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Re: Raising Rent
« Reply #9 on: December 09, 2021, 09:50:05 AM »
Landlords typically in Lakewood do not raise rents on their tenants, because they were not gaining enough to risk the relationship, however now it is probably worth it. Keep in mind the courts would generally see a rent hike of over 5% as unethical and the tenant can fight the rent hike in court. I'm not sure how they are deciding currently although I spoke to a big local property manager and she said it would be considered not reasonable. I don't think most tenants would complain too much now because a lot of people did raise rents. I am curious what the rabbanim are saying, they must have had cases already.
There actually is no rent control in most of NJ but where it is limited to 5% it is allowed to be retroactive so if rent wasn’t raised in 5 years one one be allowed to raise rent 25% (not cumulative so a $1000 rent would only be raised to $1250 not $1276). The law is in place so as not to pressure landlords to raise rent every year.

From what I understand Rabbanim in Lakewood usually do go with 5% plus retroactive but of course AYLOR.

Offline ae123

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Re: Raising Rent
« Reply #10 on: December 09, 2021, 07:24:27 PM »
There actually is no rent control in most of NJ but where it is limited to 5% it is allowed to be retroactive so if rent wasn’t raised in 5 years one one be allowed to raise rent 25% (not cumulative so a $1000 rent would only be raised to $1250 not $1276). The law is in place so as not to pressure landlords to raise rent every year.
From what I understand Rabbanim in Lakewood usually do go with 5% plus retroactive but of course AYLOR.
That's what R' Forscheimer told me.
However, I understood - perhaps mistakenly - even cumulatively.

Offline YitzyS

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Re: Raising Rent
« Reply #11 on: December 09, 2021, 07:47:51 PM »
There's a great sefer that talks about all these things, Landlord and Tenant in Halacha. Here is just one page, but there is much more. Notice how he quotes case-law in the footnote. He also has a long Hebrew appendix about rent control laws in various states and municipalities.




Offline CountValentine

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Re: Raising Rent
« Reply #12 on: December 10, 2021, 10:41:39 AM »
Why are you looking at this one sided? For many tenants reasonable may only be if the landlord never recoups his costs.
Landlord's job is to extract every penny they can from tenants.
Just like the board and executives.  ;)
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

Offline aygart

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Re: Raising Rent
« Reply #13 on: December 10, 2021, 10:44:06 AM »
Landlord's job is to extract every penny they can from tenants.
Just like the board and executives.  ;)
Who hired him to do that?
Feelings don't care about your facts

Offline AsherO

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Re: Raising Rent
« Reply #14 on: December 10, 2021, 11:10:25 AM »
Who hired him to do that?

He's self employed.

Offline aygart

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Re: Raising Rent
« Reply #15 on: December 10, 2021, 11:11:55 AM »
He's self employed.
So he can let his boss make the decision.
Feelings don't care about your facts

Offline AsherO

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Re: Raising Rent
« Reply #16 on: December 10, 2021, 11:13:13 AM »
So he can let his boss make the decision.

I meant as opposed to implying that the tenant "hired" the landlord

Offline aygart

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Re: Raising Rent
« Reply #17 on: December 10, 2021, 11:15:52 AM »
I meant as opposed to implying that the tenant "hired" the landlord

He is referring to my post over here.

The job of the board and executives is to bring maximum profits to the shareholders.
Feelings don't care about your facts

Offline ae123

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Re: Raising Rent
« Reply #18 on: December 10, 2021, 01:12:44 PM »
let's shift the focus away from what landlords are allowed to do to what they are actually doing.
Leases are ending with rents being in the $1100-$1200 range and the going rate is $1400-$1700.
Are landlords raising rents on existing tenants and by how much?

Offline yesitsme

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Re: Raising Rent
« Reply #19 on: December 10, 2021, 02:30:58 PM »
let's shift the focus away from what landlords are allowed to do to what they are actually doing.
Leases are ending with rents being in the $1100-$1200 range and the going rate is $1400-$1700.
Are landlords raising rents on existing tenants and by how much?

tenants are asking to raise to 13~14 before the landlord has a chance to explain that the going rate is ~1700
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