Raising Rent In Lakewood

[monoso]

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?

Some definitely are, and there are a bunch of fights and bargaining. At the end of the day, there is nothing the landlord can do to kick out the tenant, in a funny way the tenants can have the upper hand, they will keep on saying there is nothing available and I'm looking for another apartment.... I would suggest giving a moderately high increase of 150 or so, and tell the tenant there will be a 5% increase annually, and perhaps offer to repaint and or upgrade flooring carpet etc. Otherwise you are setting yourself up for a fight.

[ae123]

Ok, now that we're 6 months since the last post - where are things holding?
Basements that were going for $1100 a year or two ago are now going for at least $1800.
Are landlords raising rents to market value?

[jye]

Ok, now that we're 6 months since the last post - where are things holding?
Basements that were going for $1100 a year or two ago are now going for at least $1800.
Are landlords raising rents to market value?

Even if a landlord doesn’t want to stick it to his tenant and raise him from $1200 to $1800, anything under $1300 means he is charging less rent than last year in inflation adjusted dollars.

[ae123]

Even if a landlord doesn’t want to stick it to his tenant and raise him from $1200 to $1800, anything under $1300 means he is charging less rent than last year in inflation adjusted dollars.

Good point.
But I'm still curious to know what people are actually doing.

[Sam Finkelstein]

Even if a landlord doesn’t want to stick it to his tenant and raise him from $1200 to $1800, anything under $1300 means he is charging less rent than last year in inflation adjusted dollars.

They are also paying less mortgage in inflation adjusted dollars as well.

IME most landlords rent only to help them afford the house, not as a business.

[jye]

They are also paying less mortgage in inflation adjusted dollars as well.

IME most landlords rent only to help them afford the house, not as a business.

My tenants central air unit is up for replacement soon. Cost went from $3500 to over $5000. Maintenance, repairs, taxes, and homeowners insurance (cost of rebuilding a small house is up close to 400k from 3 years ago) and all other associated costs are going through the roof. Mortgages may be holding steady but the monthly payments are going higher anyway due to increased escrow to cover the above.

[ari3]

Good point.
But I'm still curious to know what people are actually doing.

Praying for their tenants to move out so they can cash in

[ari3]

My tenants central air unit is up for replacement soon. Cost went from $3500 to over $5000. Maintenance, repairs, taxes, and homeowners insurance (cost of rebuilding a small house is up close to 400k from 3 years ago) and all other associated costs are going through the roof. Mortgages may be holding steady but the monthly payments are going higher anyway due to increased escrow to cover the above.

insurance is up up to 50% over the last couple of years on some policy's. Taxes are probably going to be rising significantly now that the stimulus that the local gov't got is no longer. If you need to pay a repairman that is going to cost you significantly more (besides it being very difficult to find). Need to replace an appliance? Pay up.

when there was a glut of apartments and tenants were asking for reductions I never heard any of them asking if landlords expenses went down so why does the landlord need to justify an increase because his expenses have risen.

[herb]

insurance is up up to 50% over the last couple of years on some policy's. Taxes are probably going to be rising significantly now that the stimulus that the local gov't got is no longer. If you need to pay a repairman that is going to cost you significantly more (besides it being very difficult to find). Need to replace an appliance? Pay up.

when there was a glut of apartments and tenants were asking for reductions I never heard any of them asking if landlords expenses went down so why does the landlord need to justify an increase because his expenses have risen.

I'm guessing you are a tenant...

[jye]

Hearing some basements are going from 11-1200 straight to 2200 and upstairs from 2300 to 3800…

[YesThatsMe]

In March of 2020, I had a 14 American couples renting from me in J'lem who felt they had right to terminate their lease and stop paying "due to Covid". I wrote a post at the time decrying the practice and most DDF members sided with my tenants. I went from 100% occupancy to 71% vacancy in 2 weeks, and couldn't give these away for free (lasted all summer). Well, 2 years later, I'm getting over double in rent for these units, BH, while some of these couples are stuck in Lakewood basements paying waaay more than had they stayed in Israel (where renewals typically have a raise ceiling in the single digits).

[whacked1]

Mods can we add "in Lakewood" to title?

@AsherO @jj1000

[AsherO]

Mods can we add "in Lakewood" to title?

@AsherO @jj1000

Why, is rent falling everywhere else? I thought it was going up in Brooklyn too

[whacked1]

Why, is rent falling everywhere else? I thought it was going up in Brooklyn too

Every post is about Lakewood. NYC is having one of the hottest rental markets. However, the posts in this thread arent applicable to NYC

[TimT]

What size are these “basements” we're talking about, small things for newlyweds or full size multiple bedroom apartments ?

[yelped]

What size are these “basements” we're talking about, small things for newlyweds or full size multiple bedroom apartments ?

3 bedroom apartments with kitchen, dining room/living room, sometimes 2 full baths. Large egress windows. At least 8ft ceilings.

[jye]

What size are these “basements” we're talking about, small things for newlyweds or full size multiple bedroom apartments ?

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?

[TimT]

1 and 2 bedroom basement have skyrocketed too.

How much were they & how much are they now ?

[yelped]

3 bedroom apartments with kitchen, dining room/living room, sometimes 2 full baths. Large egress windows. At least 8ft ceilings.

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.

[TimT]

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.

Can you afford to not raise it ? Is he being supported by wealthy parents ?