Author Topic: Raising Rent In Lakewood  (Read 55089 times)

Online yelped

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Re: Raising Rent In Lakewood
« Reply #40 on: May 30, 2022, 03:07:44 PM »
Can you afford to not raise it ? Is he being supported by wealthy parents ?
Great question. I hope the answer is yes. For now, I am trying, though with everything shooting up it is becoming harder. I count this as a bulk of my tzedaka, since tuition grabs all the allocated funds.

They are not being supported from what I can tell besides their rent. The parents are well to do, but I would not call them wealthy.

Online jye

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Re: Raising Rent In Lakewood
« Reply #41 on: May 30, 2022, 03:08:03 PM »
My tenant's lease expired in October and I still haven't raised the rent, although typical rent for that size/location/condition has increased by at least $800. I am still on the fence about it, though the fact that they are super nice and he is learning makes me not want to raise them.
I’ve had tenants who were in kollel but living pretty comfortably. Some tenants will buy a home and rent it out while paying discounted rent on their basement apartment. I would have no compunction raising rent to market on those. If it’s a young kollel couple living really simply that’s a different story.

Online jye

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Re: Raising Rent In Lakewood
« Reply #42 on: May 30, 2022, 03:29:23 PM »
How much were they & how much are they now ?
Not sure. From what I can remember  2 bedrooms were 7-800 a few years back maybe somewhat higher in hotter parts of Lakewood now maybe 1500. Hard to know because there is very little supply.

Offline Moshe123

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Re: Raising Rent In Lakewood
« Reply #43 on: May 30, 2022, 03:30:18 PM »
Great question. I hope the answer is yes. For now, I am trying, though with everything shooting up it is becoming harder. I count this as a bulk of my tzedaka, since tuition grabs all the allocated funds.

They are not being supported from what I can tell besides their rent. The parents are well to do, but I would not call them wealthy.

You're a tzaddik. There are many such tzaddikim in our communities. They don't talk about it, but it's proper tzeddaka.

I know of someone who lived in a hot neighborhood for many many years on very low rent and then the house was sold and he's in a very tight spot. The prior landlord must have done it purely as a chessed and tzeddaka and bederech kavod. Person doesn't think he's taking tzeddaka. Only that his landlord is very nice.

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Re: Raising Rent In Lakewood
« Reply #44 on: May 30, 2022, 03:37:23 PM »
It’s not always black and white. For example, which takes priority? Being a tzaddik and charging a tenant rent that is $10000 under market rate or paying full tuition to your kids schools? It’s not always so simple.

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Re: Raising Rent In Lakewood
« Reply #45 on: May 30, 2022, 03:52:23 PM »
Hard to know because there is very little supply.
So what are all the newlyweds doing, going straight to the big 3 bedroom apartments ?

Offline ari3

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Re: Raising Rent In Lakewood
« Reply #46 on: May 30, 2022, 03:56:11 PM »
It’s not always black and white. For example, which takes priority? Being a tzaddik and charging a tenant rent that is $10000 under market rate or paying full tuition to your kids schools? It’s not always so simple.
there is tzidkus and there is metchlichkeit and ehrlichkeit. not raising rent from 1100 to 1900 is not tzidkus. Besides everything else it is also illegal (and according to many poskim hence also against halacha). Not raising rent at all on the other hand is tzidkus. Raising rent a reasonable amount is regular and ehrlich.

Offline Euclid

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Raising Rent In Lakewood
« Reply #47 on: May 30, 2022, 03:58:23 PM »
there is tzidkus and there is metchlichkeit and ehrlichkeit. not raising rent from 1100 to 1900 is not tzidkus. Besides everything else it is also illegal (and according to many poskim hence also against halacha). Not raising rent at all on the other hand is tzidkus. Raising rent a reasonable amount is regular and ehrlich.
What's considered reasonable? Arguably, a $400-500 raise is reasonable if it's still well under market value.

(Just nitpicking on your terminology)

Offline ari3

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Re: Raising Rent In Lakewood
« Reply #48 on: May 30, 2022, 03:59:08 PM »
Mostly 3 bedroom 1 1/2 baths that were going for half the rent not too long ago. 1 and 2 bedroom basement have skyrocketed too.

What’s interesting is that a couple years ago the kollel check plus morning, night kollel, and shemiras hasedorim basically covered an 1100 rent. Now it covers a 1900 rent. Has the increase simply put money into the hands of the landlords or were rents bound to rise anyway?
The kollel check increase happened less than a year ago. The rent increases started well before that. Housing prices are up significantly so if stands to reason rents are as well. This is happening nationwide not just in Lakewood (although due to supply and demand it is magnified here).

Anytime someone does something good people try to find fault. I have heard so many things (besides my plumbing leak) blamed on the kollel increase.

Offline aygart

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Re: Raising Rent In Lakewood
« Reply #49 on: May 30, 2022, 04:19:47 PM »
there is tzidkus and there is metchlichkeit and ehrlichkeit. not raising rent from 1100 to 1900 is not tzidkus. Besides everything else it is also illegal (and according to many poskim hence also against halacha). Not raising rent at all on the other hand is tzidkus. Raising rent a reasonable amount is regular and ehrlich.
Why would it be ehrlich or mentschlich to expect a landlord not to raise rent to the maximum allowed by law/halacha?

(FTR, I have not been a renter or a landlord in over 20 years)
« Last Edit: May 30, 2022, 04:48:50 PM by aygart »
Feelings don't care about your facts

Offline aygart

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Re: Raising Rent In Lakewood
« Reply #50 on: May 30, 2022, 04:22:21 PM »
The kollel check increase happened less than a year ago. The rent increases started well before that. Housing prices are up significantly so if stands to reason rents are as well. This is happening nationwide not just in Lakewood (although due to supply and demand it is magnified here).

Anytime someone does something good people try to find fault. I have heard so many things (besides my plumbing leak) blamed on the kollel increase.
This is an item that was discussed by the roshei yeshiva and the donors and part of their overall cheshbon. My understanding is that they felt the benefits outweigh the costs.
An important point to realize is that, in the past, a large portion of housing expansion was new development. That typically came with additional basement apartments. At this point, most expansion is happening outside of like and by geographic expansion. This has not come with additional supply of apartments and has tightened the rental market.
Feelings don't care about your facts

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Re: Raising Rent In Lakewood
« Reply #51 on: May 30, 2022, 04:45:09 PM »
This is an item that was discussed by the roshei yeshiva and the donors and part of their overall cheshbon. My understanding is that they felt the benefits outweigh the costs.
An important point to realize is that, in the past, a large portion of housing expansion was new development. That typically came with additional basement apartments. At this point, most expansion is happening outside of like and by geographic expansion. This has not come with additional supply of apartments and has tightened the rental market.
The solution is apartment buildings, and I'm sure the new property that BMG purchased from Georgian Court University will help.

Around a year ago I asked someone in the industry about it, and he said it needs sustained rents of 1300-1400 to be economically viable. At that time rent for a 3 BR was in that range, but it has since increased by another few hundred dollars.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline aygart

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Re: Raising Rent In Lakewood
« Reply #52 on: May 30, 2022, 04:48:09 PM »
The solution is apartment buildings, and I'm sure the new property that BMG purchased from Georgian Court University will help.

Around a year ago I asked someone in the industry about it, and he said it needs sustained rents of 1300-1400 to be economically viable. At that time rent for a 3 BR was in that range, but it has since increased by another few hundred dollars.

There are TONS of apartment buildings that are in Jewish areas because of the community expanding.
Feelings don't care about your facts

Offline Euclid

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Re: Raising Rent In Lakewood
« Reply #53 on: May 30, 2022, 05:01:32 PM »
There are TONS of apartment buildings that are in Jewish areas because of the community expanding.
Issue with those is the same as with other existing apartment buildings in Lakewood proper. No one wants to live with the existing neighbors.

Offline aygart

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Re: Raising Rent In Lakewood
« Reply #54 on: May 30, 2022, 05:04:28 PM »
Issue with those is the same as with other existing apartment buildings in Lakewood proper. No one wants to live with the existing neighbors.
I've heard that about so many areas and blocks that are now almost all frum. All it took was one or two moving in and it just went.
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Online yelped

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Re: Raising Rent In Lakewood
« Reply #55 on: May 30, 2022, 05:08:18 PM »
I've heard that about so many areas and blocks that are now almost all frum. All it took was one or two moving in and it just went.
I'm assuming single family homes and apartments with shared spaces are different.

Offline aygart

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Re: Raising Rent In Lakewood
« Reply #56 on: May 30, 2022, 05:12:45 PM »
I'm assuming single family homes and apartments with shared spaces are different.

Maybe, but where do you think young couples live in literally every US community outside of Lakewood?
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Online jye

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Re: Raising Rent In Lakewood
« Reply #57 on: May 30, 2022, 05:14:34 PM »
there is tzidkus and there is metchlichkeit and ehrlichkeit. not raising rent from 1100 to 1900 is not tzidkus. Besides everything else it is also illegal (and according to many poskim hence also against halacha). Not raising rent at all on the other hand is tzidkus. Raising rent a reasonable amount is regular and ehrlich.
In most cases it is owner occupied or newer housing in which case it isn’t illegal at all in Lakewood. If the tenant himself is renting out a house he owns in Jackson or Toms River because his current rent is a steal (more comments than you think) is that still tzidkus?
« Last Edit: May 30, 2022, 05:19:48 PM by jye »

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Re: Raising Rent In Lakewood
« Reply #58 on: May 30, 2022, 05:22:50 PM »
Issue with those is the same as with other existing apartment buildings in Lakewood proper. No one wants to live with the existing neighbors.
That's only half the issue. The apartments (especially the kitchens) are not designed for frum families.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline Euclid

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Re: Raising Rent In Lakewood
« Reply #59 on: May 30, 2022, 05:25:05 PM »
That's only half the issue. The apartments (especially the kitchens) are not designed for frum families.
The Willows are?