Raising Rent In Lakewood

[Pony]

On the flip side, without investors taking risks on new neighborhoods, many of them might not have developed into frum areas

My experience has been the opposite. I was the first one to buy in the area. After brokers heard that there is a frum family in the area, it was used as a marketing tool to let investors know that this is a good area to invest in. What resulted is having families that would have moved in out bid by people who then placed "undocumented citizens" in the houses. So no, the investors slowed the growth of the neighborhood.

I

f you’re getting outbid by an investor, you were bidding to low in the first place.

Nope. Investors that have cash can dump it on a house outbidding those who don't have such cash on hand. A cash offer may outbid a higher mortgage contingent offer.

they aren’t required to do so by any halacha.

Hence the novel brshus hatorah component.

it’s none of our business anyways.

When they are stunting the growth of my neighborhood, it's very much my business.



 

[Dawie]

There are communities where frum agents will not show houses that a frum person put in a bid on until the bid is
rejected.

sounds like a good way to lose a r/e license
as nice as the sentiment is

[S209]

I can make the argument that the government ought to hire 500,000 workers and just print $100 bills יומם ולילה and hand them out to everybody and then we will all be rich and all of our problems, rent, tuition, shidduchim, will be solved.

Not to sidetrack but this is basically exactly MMT.

[S209]

sounds like a good way to lose a r/e license
as nice as the sentiment is

It’s considered ethical to stop showing a home once a home goes into attorney review and it’s very off putting when an agent doesn’t do so. BH that occurs much less often with frum agents.

[jye]

Not to sidetrack but this is basically exactly MMT.

A somewhat absurd extension of MMT, essentially.

[Dawie]

It’s considered ethical to stop showing a home once a home goes into attorney review and it’s very off putting when an agent doesn’t do so. BH that occurs much less often with frum agents.

totally agree
but i think flyingace and others are talking about any bid... you dont bid on the house that someone else bid on (Ani Hamehapech B'charara?)
Like what Linden, Casa Grande and other places try to do

[aygart]

totally agree
but i think flyingace and others are talking about any bid... you dont bid on the house that someone else bid on (Ani Hamehapech B'charara?)
Like what Linden, Casa Grande and other places try to do

It si not ani hamehapech to place a bid before a bid was accepted.

Having something organized similar to a small budding community is a pipe dream at best.

[flyingace]

It si not ani hamehapech to place a bid before a bid was accepted.

Having something organized similar to a small budding community is a pipe dream at best.

It is an established community. I don't know the exact specifics but it is well known in the community that the frum agents will not show a house that a frum person bid on.

[aygart]

It is an established community. I don't know the exact specifics but it is well known in the community that the frum agents will not show a house that a frum person bid on.

What percentage of the population of Lakewood are those?

[imayid2]

In a case soon to be decided by a local BD, a landlord  is trying to raise the rents of a number of tenants who he offered major discounts to move when it was a tenants market. Those tenants are now locked into rates way below market value. His claim is based on the fact that he isn’t raising the rent, rather he’s removing the deduction. On the original lease it was noted that rent is x with a discount. There was a renewal contract signed a year or two later on which the x and  deduction wasn’t noted, all that was noted was the new rate which was 5% more than they had been actually  paying.  But he’s claiming it was על דעת הראשונה.
Interesting to see how this will play out. I think we can sympathize with both sides. (Please no לשון הרע if you know the case).

[Pony]

I had a very similar scenario except that I was the renter. I was given all kinds of advice and it was pretty clear that I would be able to make the landlords life a nightmare should I so choose. We were desperately trying to buy a house before our eviction date but couldn't find anything in the present market (I'm talking being outbid 13 times in all the towns surrounding Lakewood). Finally, I called a very well know chshuva rov in Lakewood and was told in no uncertain terms, you are not allowed to cause the owner a hesfed. That's where it ended for me.
   

I would just point out that you don't lose from doing the right thing.

When I was told that I needed to leave (about a year ago), prices were just on the rise. Since I left right away without putting up a fight, the house that I bought has gone up 100k in value. Had my landlord waited a few months instead of insisting that I leave right then, he would have made at least another 200k (prime real estate in the heart of Lakewood). And the move further out then I had ever anticipated turned out to be really nice b"H. So anyone out there in the same position, do the right thing, you won't lose out.

[jye]

In a case soon to be decided by a local BD, a landlord  is trying to raise the rents of a number of tenants who he offered major discounts to move when it was a tenants market. Those tenants are now locked into rates way below market value. His claim is based on the fact that he isn’t raising the rent, rather he’s removing the deduction. On the original lease it was noted that rent is x with a discount. There was a renewal contract signed a year or two later on which the x and  deduction wasn’t noted, all that was noted was the new rate which was 5% more than they had been actually  paying.  But he’s claiming it was על דעת הראשונה.
Interesting to see how this will play out. I think we can sympathize with both sides. (Please no לשון הרע if you know the case).

Some context might shed light on his דעת. I’m curious if the renewals were signed at a time when it was a renters market and there were a glut of apartments. Is it possible he intentionally left the inflated, above market rent number out of the contract at that point because he was afraid of turning off the tenants or perhaps didn’t think he would do better than 5% anyway? Or was it simply an oversight on the part of a slopppy secretary drafting the contract?

[imayid2]

Is it possible he intentionally left the inflated, above market rent number out of the contract at that point because he was afraid of turning off the tenants or perhaps didn’t think he would do better than 5% anyway? Or was it simply an oversight on the part of a slopppy secretary drafting the contract?

I don’t know.
But say it truly was על דעת ראשונה, the question still is if a roughly 25% price increase would be legal under NJ law. Assuming it is, under Lakewood rent control it definitely isn’t, but is it different if the price was based on a discount? I can’t imagine.
Main question is how that translates into local binding minhag. But obviously the subsequent contracts will play an important role too.

[coffeebean]

I'm looking for an apartment now. So far I got 2 quotes for $2,200. Regular 3 bedroom apartments. People just don't care...

[jye]

I'm looking for an apartment now. So far I got 2 quotes for $2,200. Regular 3 bedroom apartments. People just don't care...

Maybe you are better off with a 2 bedroom for 1800
http://masaumatan.com/MasaRentals.pdf

[yelped]

I'm looking for an apartment now. So far I got 2 quotes for $2,200. Regular 3 bedroom apartments. People just don't care...

What do you expect a landlord to do? They don't have any obligation to you if you're not an existing tenant.

[S209]

I'm looking for an apartment now. So far I got 2 quotes for $2,200. Regular 3 bedroom apartments. People just don't care...

Buy a house

[Pony]

Alternatively, you can look at buying in one of the more outlying neighborhoods. You’d be able to get a house very suitable for a frum family in mid 400k - low 500k range (that’s what I did). It requires taking an element of risk as there’s no way to know how a new neighborhood will develop. It also requires not being a sheep (as in following whatever everyone else is doing). But hey, it may cost an extra 100k to be a sheep, it’s getting expensive to be a sheep....

[Euclid]

Alternatively, you can look at buying in one of the more outlying neighborhoods. You’d be able to get a house very suitable for a frum family in mid 400k - low 500k range (that’s what I did). It requires taking an element of risk as there’s no way to know how a new neighborhood will develop. It also requires not being a sheep (as in following whatever everyone else is doing). But hey, it may cost an extra 100k to be a sheep, it’s getting expensive to be a sheep....

1) I'd rather be a sheep than a pony

2) for all your big talk about not being a sheep - you know where it's even cheaper? OOT.

[Pony]

1) I'd rather be a sheep than a pony

2) for all your big talk about not being a sheep - you know where it's even cheaper? OOT.

1) Good point! 😂

2) When people have been here for a while, have jobs and kids in school, it’s not so practical to make the move to OOT.

Two other points worth mentioning: OOT is not necessarily cheaper in the larger picture. While housing may be cheaper, Kosher food, Judaica and most of all tuition is much more expensive. I looked into an OOT community before making the move I did and putting everything together, it didn’t come out cheaper. Also, from what I hear, the job market for a frum person (yeshiva education with no degree) is not comparable from what’s available in the greater Lakewood area to any other community.