Raising Rent In Lakewood

[avromie7]

Great. Anyone realistic should understand some level of raise in rent.

People expect that the landlord won't raise their rent because market rent went up $100. Now that rent went up $500+ people expect some increase, but not all the way up to market.

[moko]

Rent should be raised every year, even if it's only $5-10 monthly so that tenants should not develop a mentality that rent never is raised.

[ae123]

In the end I caved and raised it for the next month, although by far less than the current market rate and they did benefit from almost a year out of contract at the lower rate.

Caved to who?

[S209]

Caved to who?

Financial pressures?

[knowitall]

The “tenants rights” culture has infected the frum community. I’m hearing about some “entitled tenants” taking their landlord to a Rav. It seems crazy to me. Once a contract is up, a landlord should be able to give the tenant a month or two notice about raising rent. If he’s mensch, he won’t raise it all the way to market rent. But either way, if the tenant doesn’t like it he can try to go elsewhere. I don’t get this concept of tenants thinking they should be grandfathered in to rent control.

[lakewood34]

The “tenants rights” culture has infected the frum community. I’m hearing about some “entitled tenants” taking their landlord to a Rav. It seems crazy to me. Once a contract is up, a landlord should be able to give the tenant a month or two notice about raising rent. If he’s mensch, he won’t raise it all the way to market rent. But either way, if the tenant doesn’t like it he can try to go elsewhere. I don’t get this concept of tenants thinking they should be grandfathered in to rent control.

it has to do with halachah
it is discussed upthread that many Rabbannim hold you can not raise more then 5 percent because that is the law and it then becomes the halachah .It has nothing to do with entitlement .If halachically your landlord is not allowed to raise the rent more then a certain percent it is foolish not to enforce your right and give him money he is not halachically or legally entitled to

[aygart]

it has to do with halachah
it is discussed upthread that many Rabbannim hold you can not raise more then 5 percent because that is the law and it then becomes the halachah .It has nothing to do with entitlement .If halachically your landlord is not allowed to raise the rent more then a certain percent it is foolish not to enforce your right and give him money he is not halachically or legally entitled to

Unless it is one of the many exceptions.

[aygart]

People expect that the landlord won't raise their rent because market rent went up $100. Now that rent went up $500+ people expect some increase, but not all the way up to market.

This is what is happening in most cases where both the landlord and tenant are reasonable people

[yelped]

This is what is happening in most cases where both the landlord and tenant are reasonable people

Yup. The market rate in my neighborhood is currently between $2,000 and $2,200. My neighbors in the neighborhood whose tenants have contracts terminating now all raised from about $1,050 to $1,650 for their existing tenants, basically splitting the difference. Everyone understands the market and the crazy inflation now and is trying to be considerate of the other.

[avromie7]

Yup. The market rate in my neighborhood is currently between $2,000 and $2,200. My neighbors in the neighborhood whose tenants have contracts terminating now all raised from about $1,050 to $1,650 for their existing tenants, basically splitting the difference. Everyone understands the market and the crazy inflation now and is trying to be considerate of the other.

Are people really getting $2k+? I live in a neighborhood that I believe is from the most expensive, and AFAIK no one is getting $2k.

[yelped]

Are people really getting $2k+? I live in a neighborhood that I believe is from the most expensive, and AFAIK no one is getting $2k.

I didn't believe it either, but there's already 3-4 getting that price.

[MoYS]

Are people really getting $2k+? I live in a neighborhood that I believe is from the most expensive, and AFAIK no one is getting $2k.

+1
But if you raise rumors here and elsewhere then who knows... A lot of it has to do with landlords feeling that they are losing out possible gain, which is a very understandable pressure, but theres no reason to create a heightened sense of loss that is unrealistic.

[Euclid]

Are people really getting $2k+? I live in a neighborhood that I believe is from the most expensive, and AFAIK no one is getting $2k.

Heard Oak and Vine apartments are going for that.

[yesitsme]

Heard Oak and Vine apartments are going for that.

http://masaumatan.com/MasaRentals.pdf
Cherry Street 2,400.00
New Central/Glen  2300

[avromie7]

http://masaumatan.com/MasaRentals.pdf
Cherry Street 2,400.00
New Central/Glen  2300

asking /= getting.

[drosenberg88429]

asking /= getting.

That's what they used to say, until asking turned into starting bid.

[Young explorer]

asking /= getting.

getting. Many friends of mine are paying $2k+

[ae123]

Yup. The market rate in my neighborhood is currently between $2,000 and $2,200. My neighbors in the neighborhood whose tenants have contracts terminating now all raised from about $1,050 to $1,650 for their existing tenants, basically splitting the difference. Everyone understands the market and the crazy inflation now and is trying to be considerate of the other.

What neighborhood is this?

[jye]

https://thelakewoodscoop.com/news/the-lakewood-rent-fiasco-an-exclusive-discussion-with-lakewood-mayor-ray-coles/

[davidd75]

Heard Oak and Vine apartments are going for that.

basement?