<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=3kxmQK_0vlrSMey00" alt="https://img.particlenews.com/image.php?url=3kxmQK_0vlrSMey00" width="1443" height="903" ></figure>A recently introduced bill in the New Jersey Legislature would, if enacted, establish a statewide limitation on rent increases.Specifically, the bill would prohibit a residential landlord from increasing rent for a dwelling unit by more than 5% annually plus inflation, or 10%, whichever is lower, of the lowest rental rate charged for that dwelling unit at any time during the 12 months prior to the date when the increase takes effect.New Jersey currently has no rent stabilization or statewide rent control laws, although it is illegal for a landlord to raise the rent mid-lease. However, cities and counties in the state can enforce their own rent control laws.As written, the bill would not apply to the following properties:(1) Non-residential real property.(2) A dwelling unit restricted by deed, regulatory restriction contained in an agreement with a government agency, or other recorded document as affordable housing for persons and families of very low, low, or moderate income.(3) A dormitory constructed and maintained in connection with an institution of higher education for the use and occupancy of students in attendance at the institution.(4) A dwelling unit that has been newly constructed, and issued a certificate of occupancy as a result of its completion, within the previous 15 years.(5) A single family dwelling unit, provided that (a) the landlord is not a real estate investment trust, as defined in the federal Internal Revenue Code, a corporation, or a limited liability company in which at least one member is a corporation; and (b) the tenant has been provided written notice that the residential real property is exempt from the requirements of this bill, if the tenancy has been established on or after the first day of the third month next following enactment.(6) A duplex in which the landlord occupies one of the units as the landlord’s principal place of residence at the beginning of the tenancy.Additionally, the rent increase limitation established by this bill would not apply to a dwelling located in a municipality that enforces a local rent control, rent leveling, or rent stabilization ordinance, the application of which results in a lower permitted rent increase for a 12-month period than this bill would.Furthermore, the rent increase limitation established by this bill would not apply to a new tenancy in which no tenant from the prior tenancy remains in lawful possession of the dwelling unit. This bill would function in addition to, and not in place of, the existing statutory prohibition on unconscionable rent increases.</div></body>

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Newly Introduced Bill Would Establish Statewide Rental Limits in New Jersey

A recently introduced bill in the New Jersey Legislature would, if enacted, establish a statewide limitation on rent increases. Specifically, the bill would prohibit a residential landlord from increasing rent for a dwelling unit by more than 5% annually plus inflation, or 10%, whichever is lower, of the lowest rental rate charged for that dwelling unit at any time during the 12 months prior to the date when the increase takes effect.