Raising Rent In Lakewood

[avromie7]

Does the contract mention when he can evict?

We didn’t discuss that. However we did agree to go to our Shuls Rav if there’s any disagreement. Just don’t want to get to that point, or do I?

Ideally he doesn't say anything. If he does ask for an increase and asks for 5%, don't argue and move on. If he asks for more than 5% you can consider discussing with the Rav.

[EliyahuF]

Does the contract mention when he can evict?
 Ideally he doesn't say anything. If he does ask for an increase and asks for 5%, don't argue and move on. If he asks for more than 5% you can consider discussing with the Rav.

Contract does not discuss eviction

[dm123]

I’m currently a tenant paying the 2021 pricing. My contract is up and January. If I were to leave my landlord can fetch another $400 a month.
Considering the fact that I would like to stay, what’s the best Mehalech going forward to avoid a $400 increase?

Since you say "can fetch another $400 a month" it sounds like you did your homework and called around some comps to see what the rates are. Correct?

Asking based on earlier comments making it seem the market is starting to loosen for tenants:

Judging by the length of the list of available rentals in Masa Umatan there is no longer a shortage. Have rent's started to come down?

What i noticed from perusing the Masa Umatan is that there are almost as many houses for rent as apartments, and that the majority of apartments do not have prices given and instead say to call.

[EliyahuF]

Since you say "can fetch another $400 a month" it sounds like you did your homework and called around some comps to see what the rates are. Correct?

Asking based on earlier comments making it seem the market is starting to loosen for tenants:

Correct. Currently it can fetch $400, a few months ago $600

[ae123]

I see above a lot of the 5 percent talk. Is that a thing of the past?

Well, you still haven't shared if it's owner occupied.
If it is, there is no 5% cap, although many Rabbonim are recommending a pshara.
If it's not, the landlord can raise you 5% retroactively for each year that you weren't raised - up to 5 years back.

[ae123]

Offer a $200 increase

He'd be taking a risk.
Perhaps his landlord is a kind-hearted or oblivious fellow & wasn't planning on raising at all.

[WAM]

...the price of the basements should not be 2k plus....
people are charging because they’re taking advantage of the market....

You know, supply and demand is not some leftist agenda. It's a real thing.
The shortage on apartments is real, basements should cost what the market dictates. At least in the USA - it's (still) a capitalist country.

[Yakov15]

You know, supply and demand is not some leftist agenda. It's a real thing.
The shortage on apartments is real, basements should cost what the market dictates. At least in the USA - it's (still) a capitalist country.

And the market price on masks during COVID were over a dollar a piece. Is that what it “should” cost? Or it’s what it unfortunately costs. And if someone only charged 85 cents was he undercharging?

[JoeyShmoe]

And the market price on masks during COVID were over a dollar a piece. Is that what it “should” cost? Or it’s what it unfortunately costs. And if someone only charged 85 cents was he undercharging?

Supply and demand works precisely that way, you don't have to like it, don't rent an apartment or don't buy a mask if you feel it's too expensive. Should people sell their houses for less money because it's harder for people to get loans? If there's less supply and more demand prices go up, same as the chicken, eggs and all other things that fluctuated in the past couple of years. I'm not sure in what line of work you are, but if someone tells you that they can't afford your pricing do you lower it or tell them to go somewhere they can afford?

[Yakov15]

Supply and demand works precisely that way, you don't have to like it, don't rent an apartment or don't buy a mask if you feel it's too expensive. Should people sell their houses for less money because it's harder for people to get loans? If there's less supply and more demand prices go up, same as the chicken, eggs and all other things that fluctuated in the past couple of years. I'm not sure in what line of work you are, but if someone tells you that they can't afford your pricing do you lower it or tell them to go somewhere they can afford?

This wasn’t my argument earlier. Words are being put into my mouth.

[aygart]

This wasn’t my argument earlier. Words are being put into my mouth.

Feel free to clarify.

[WAM]

And the market price on masks during COVID were over a dollar a piece. Is that what it “should” cost? Or it’s what it unfortunately costs. And if someone only charged 85 cents was he undercharging?

You know, supply and demand is not some leftist agenda. It's a real thing.
The shortage on apartments is real, basements should cost what the market dictates. At least in the USA - it's (still) a capitalist country.

[drosenberg88429]

And the market price on masks during COVID were over a dollar a piece. Is that what it “should” cost? Or it’s what it unfortunately costs. And if someone only charged 85 cents was he undercharging?

Unclear if price gouging at a time of emergency is an apt comparison to a longer term market condition. What is the fairest way to decide who an apartment should go to, if not highest bidder? (It's a fair question to ask about masks too, or scarce crucial resources in general. I don't know the answer.)

[Yakov15]

Feel free to clarify.

Nah I don’t wish to. If one wants to know he can read what I really posted earlier.

[aygart]

Nah I don’t wish to. If one wants to know he can read what I really posted earlier.

I did and it seems like you feel the landlord has an obligation to keep the tenants cost down more than the tenant has an obligation to keep the rent up. That sounds very much like socialist influence. Feel free to clarify but if you want us to go by what you wrote then just saying I didn't mean that without explaining what you did mean won't help.

[yelped]

I did and it seems like you feel the landlord has an obligation to keep the tenants cost down more than the tenant has an obligation to keep the rent up. That sounds very much like socialist influence. Feel free to clarify but if you want us to go by what you wrote then just saying I didn't mean that without explaining what you did mean won't help.

Seems like the socialists may have been influenced by Chazal.

[aygart]

Seems like the socialists may have been influenced by Chazal.

I don't see any influence of chazal in what he wrote unless he means something different that what I am understanding,but he is declining to clarify.

[Sam Finkelstein]

To offer @EliyahuF actual advice:

Be a very easy tenant. Make it so the landlord barely notices you. I’m still paying 2019 rent, and I’m sure it’s because I didn’t run to my landlord over every minor issue and instead deal with it myself.

Also, not all landlords want to raise. Many times they want to stay eligible for various programs etc. that are worth a lot more than any of these increases.

[momo]

To offer @EliyahuF actual advice:

Be a very easy tenant. Make it so the landlord barely notices you. I’m still paying 2019 rent, and I’m sure it’s because I didn’t run to my landlord over every minor issue and instead deal with it myself.

Also, not all landlords want to raise. Many times they want to stay eligible for various programs etc. that are worth a lot more than any of these increases.

Wait, you mean to tell me that people are reporting basement income on their tax returns?

[Euclid]

Wait, you mean to tell me that people are reporting basement income on their tax returns?

I do. Factoring in depreciation - it comes out as a wash. (only negative to reporting the depreciation is when I will sell the house)