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Re: 20% rent increase allowed in Jersey City?
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Home away from home
 
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Thank you scottacus. I stand corrected.
Seems a lot of people are not very happy with residency at The Pier: http://www.apartmentratings.com/rate/ ... City-Pier-Apartments.html Best way to deal with an unwarranted rent increase in this market is to say that you will move rather than pay it...and be willing to go. If a landlord senses you are in earnest, he will back down rather than add yet another empty apartment to the pile.
Posted on: 2010/9/3 21:36
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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Quote:
The Pier (the one on the waterfront by the Hyatt) is an all-apartment building managed by Equity Residential, not a condo complex. Perhaps you're thinking of the Pier House, which is indeed condos?
Posted on: 2010/9/2 13:31
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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JC Ali,
Taking a step back here, THE PIER is a tax abated condominium complex, not a rental complex. Thus tax increases are likely not to enter the question of rent increases. BUT as a condominium, are you renting from an individual who owns "investor held units?" Who is your landlord?
Posted on: 2010/9/2 12:44
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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While the rent increase seems outrageous, be mindful real estate taxes have gone up dramatically as have water and sewage charges. Of course I'm not at all familiar with the OP's situation, it is something to think about when describing a rent increase as unconscionable or simply being surprised by the increase. The landlords are similarly shocked by the increase in real estate taxes.
Posted on: 2010/9/2 0:47
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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Bill said:
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Agreed! While I have been happy to rent in JC for the past 4 years, I haven't entertained the idea of actually buying anything here. As you well indicate, the infrastructure hasn't kept up with the population growth (even for a newcomer such as myself, this is fairly evident) and the thought of a long commitment to this area is a bit terrifying. It doesn't help that the general population seems very apathetic about their communities, and that there is little common interest among wards/neighborhoods/blocks. As you also pointed out, customer service in general (not just restaurants) is abysmal!! Try dealing with the customer service desks at Shoprite, the Old Colony Pathmark, or even at Target. Just piss poor. Hard to get motivated into sprouting roots here in JC and having to accept all the negatives as being part of life. I do like it here, though...
Posted on: 2010/9/1 18:30
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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If you live in the Pier, it is managed by Equity, right? I know for a fact that they have an "allowable" range where they can negotiate down to. Just talk to Amber and tell her that the rent increase is too much of a financial burden and that you are going to look elsewhere. I am sure she will work with you (and see if she can throw in free parking at least). You should never just take a rent increase without having a conversation with your property manager.
Posted on: 2010/9/1 18:14
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
Joined:
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Quote:
Probably because they don't like the direction JC is heading. Our infrastructure cannot cope with this population boom. In my 5 years of living here, I have noticed an acceleration of ridiculous traffic, crowded path trains and water main issues. As well as the worst restaurant customer service experiences I've had in my life. Signing yearly leases allows one to pack up and head to manhattan once the breaking point is reached.
Posted on: 2010/9/1 15:54
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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ianmac is correct,
Waterfront high rises are exempt from rent control (top of 4% or the CPI whichever is less.) I am certain The Pier is NOT rent conrtrolled. Only "unconsionable increases" for non-rent-controlled apartments can be rolled back by court order and "unconscionable" has generally been accepted as +10%. With the U.S. government claiming a CPI in the vicinity of zero, a good lawyer could make an argument that some figure far less than 10% is still unconsionable in this market. But lawyers aren't free. 
Posted on: 2010/9/1 15:02
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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First of all the formula for the 20% is; cut the hike in half then multiply the answer by 10.
Also at this point and price, why don't you get a mortgage ?? Most 30-year mortgages average about $1500 a month with a $300k property and that is without the down payment factored in yet.
Posted on: 2010/9/1 14:58
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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NJ Rent control is under the auspices of the individual cities. In Jersey City, to encourage new development two decades ago, most of the new construction is exempt from the city's rent control laws.
However, the concept of unconscionable rent increases are considered in NJ in the realm of over 10%. This is not hard and true, and you still have to go to court to deal with it. The bottom line is if you like your apartment and can afford the increase, the best you can hope for is negotiating a lower rate or a month free, but in all likelihood if you want a lower rent its probably time to move. 225 Grand Street just open several hundred apartments. 70 Green Street has a few hundred too, and but early next year the Monaco towers will bringing 900 rental units to the area.
Posted on: 2010/9/1 14:46
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Re: 20% rent increase allowed in Jersey City?
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Just can't stay away
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I was under the impression that if a unit is 5 or more units, it IS rent controlled to the point that in NJ, a landlord can only increase the rent by 5% (or something similar... 5.5%?). It doesn't matter what everyone else is paying. As far as I can tell, a landlord cannot increase your rent by 20% if there are more than 5 dwellings in the unit. They can increase it by 5% a year until it comes up to market value, but not 20% at once.
Posted on: 2010/9/1 14:27
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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Many of the downtown high rises were offering one month or more free to entice renters during the downturn which are now up for renewal, so for many renters the "Net Effective Rent" party is over and the prices are going back up to the previously insane levels again.
Posted on: 2010/9/1 14:04
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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The rental market might be slightly improved over a year ago, but its not 20% improved, especially with the new buildings opening still.
Posted on: 2010/9/1 14:04
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Re: 20% rent increase allowed in Jersey City?
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Quite a regular
 
Joined:
2006/11/14 21:17 Last Login : 2010/10/26 17:52 From the best stuff on earth
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Sounds right.
Since last year or so these waterfront high rises were renting their units well below market rate. It seemed they were signing low rate leases just to get bodies into what had become unsalable. Everyone who's renting their high rise apartments at a steal will soon be confronted with the same hard decision you're faced with: move or pay up. This glut of low(er) rent luxury units really hit the small landlord pretty hard. Hopefully displaced waterfront renters will consider renting in other Jersey City neighborhoods.
Posted on: 2010/9/1 12:35
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My signature will be a funny quote and/or observation.
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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Hero69 has it right. The problem is the word "unconscionable". It may depend on the judge, but you're unlikely to get that judgment in court if your dispute the income, especially with recent changes in property taxes.
Unless your building has 5 or more units and is considered rent controlled, you'll have to live with it or find something else.
Posted on: 2010/9/1 11:38
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Just can't stay away
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Quote:
Products of the jersey city public schools, no doubt.
Posted on: 2010/9/1 11:37
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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Quote:
That argument holds no legal merit for lease renewals, especially if the unit doesn't fall under rent regulation, and I doubt a luxury waterfront unit does. Landlords are free ask any rent they want - whatever the market will bear. If you don't want to pay the new rent, and the landlord is certain someone else will, he has no incentive to keep you as a tenant. He has no legal obligation to renew your lease once it expires. Look at it this way: if the market was going your way, you have no legal obligation to stay once the lease is up. You'd be looking for lower rent elsewhere or asking the landlord to cut you a better deal.
Posted on: 2010/9/1 11:31
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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Seriously, what is up with all the mathematically challenged people in these boards??
Classon asked:
Quote:
Serious question - do you ACTUALLY currently pay $4000 a month for rent? $1500 does sound cheap to me for a pad on the waterfront.
Posted on: 2010/9/1 11:11
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Re: 20% rent increase allowed in Jersey City?
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Home away from home
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If the apartment is not rent controlled, then the landlord is free to charge what he/she wants as long as the rent is not unconscionable. If others are paying more for the same type of apt, then the landlord is just bringing you up to the market.
$1500 does sound cheap to me for a pad on the waterfront.
Posted on: 2010/9/1 6:41
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Newbie
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I know that link and it helps
however, I was thinking more of this http://search.municode.com/html/16093/index.html which says there apparently is a allowable rent increase limit, I just wasn't sure if my building would fit into that category or if there was a way to find out? and no, i didn't say i am paying $4,000 a month for rent
Posted on: 2010/9/1 5:56
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20% rent increase allowed in Jersey City?
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Newbie
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I just got the lease renewal letter and my rent is going up 20%, or about $362 a month ($4,344 annually) should I renew.
I've also written a letter to leasing office expressing my objection to the increase as being too high and unfair and asked for a more reasonable increase to no avail. The response was that the market conditions are different now, and units similar to mine are renting for as much as 35% more (though a lot of current residents are paying what I am paying now since they are not up for renewal). My argument was that this is for new tenants and not existing, so the percentage increase does not apply to them as it does for me. My question: is the property manager's argument valid can my rent be increased simply because the landlord wants to make a bigger profit based on what the units are renting for now or is this worth fighting? How can I find out if my building (The Pier, Harborside Place) is rent controlled or if the increase is allowed?
Posted on: 2010/9/1 5:40
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