Does anyone know the what the percentage of rental increase is for a rent control building in Jersey City? Also, can the landlord ask for additional deposit for the rental unit?
Thanks... Jay
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Does anyone know the what the percentage of rental increase is for a rent control building in Jersey City? Also, can the landlord ask for additional deposit for the rental unit?
Thanks... Jay
The percentage depends on the national CPI Consumer Price Index, and usually does not exceed 2.5%. And yes, the landlord can ask that you maintain the proper decurity deposit when this increase does happen and this cannot by law exceed 1.5 times the rent of the unit.
The percentage depends on the national CPI Consumer Price Index, and usually does not exceed 2.5%. And yes, the landlord can ask that you maintain the proper decurity deposit when this increase does happen and this cannot by law exceed 1.5 times the rent of the unit.
New Jersey Local governments in New Jersey, such as Jersey City and Camden, impose maximum rent increases. For Jersey City, the annual maximum allowable increase is 4% or the Consumer Price Index (CPI-W), whichever is less. A hardship Rental Increase is also allowed to give landlords a fair return on their investments. Fair return is defined as 6 percentage points above the savings interest rate. In Camden, the annual allowable increase is the CPI or 6%, whichever is less.
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