Submitted by Embarrassed_Ferret50 t3_114snkw in jerseycity
squee_bastard t1_j8xsp3j wrote
In my building, it’s been 1,000 renewals on 2 bedrooms and 500 on 1 bedrooms. You can try to negotiate with your leasing office but otherwise not much else you can do beyond move. This has been happening all over downtown since last January.
Legally rent could not be raised from March 2020 until January 1, 2022 due to a statewide NJ eviction moratorium. Once that expired a lot of buildings in the area have been trying to recoup their losses by raising rents. A lot of people had anywhere from 20-60% renewal rates in this sub last year. I’d do a search in the sub since some buildings were noted in the threads where people were their discussing increases.
Renewals are usually 90 days out, If you just received your renewal I’m guessing you moved in during May 2020 and probably did get a covid deal. If you signed an 18 month lease in 2020 and did not have a rental increase with your last renewal you were still protected under the moratorium in late 2021.
bodhipooh t1_j8z94lo wrote
>Legally rent could not be raised from March 2020 until January 1, 2022 due to a statewide NJ eviction moratorium.
This is 100% wrong for OP's situation. The rental rate increase restriction was only on rent-controlled or non-owner occupied dwelling of 1 to 4 units. OP lives in a large building, which was not subject to this restriction.
squee_bastard t1_j8zbikv wrote
I don’t know about that, I’m also in a large “luxury building” downtown and I didn’t get an increase when i renewed in 2021. I can’t imagine that the giant corporation that owns my building did that out of the kindness of their heart when they nickel and dime us on everything. Back then I was told that they could not raise my rent at the time, so last year I ended up getting a 15% increase instead to recoup costs.
bodhipooh t1_j8zs5lt wrote
Everybody was getting deals in 2021. The rental market was in the shitter.
It’s an indisputable fact that there was no restriction on rent increases for regular market rate apartments. The rent increase restriction was for rent controller units and units in non owner occupied dwellings of 1 to 4 units. I even gave you a source. This is not an opinion, it’s a fact.
SouthernSample t1_j91hcyo wrote
> I’m also in a large “luxury building” downtown and I didn’t get an increase when i renewed in 2021.
and you assumed that's because the govt forced them and not because the occupancy rates encouraged property owners to keep the rents low? This is not something that is subject to interpretation.
pixel_of_moral_decay t1_j8ydo3y wrote
Don’t forget labor costs have increased dramatically. Minimum wage went up the past few years with a (ultimately good) ripple effect.
Labor is a huge part of a buildings operating costs if you look at a condo or coop. Like 30-60% depending on age of building. Newer buildings have less repair costs so 60% isn’t hard to hit.
If it’s a “Luxury” building with concierge… yea costs went up quite a bit for 24x7 staffing. Even more if you’ve got indoor plumbing that needs a plumber, electrical, someone taking care of the trash, vacuuming the hallway etc.
NYC has also seen a wave of doormen unionizing so there’s upward pressure impacting us from there too. You get a lot more compensation across the Hudson.
Then add in inflation.
objectimpermanence t1_j91iec9 wrote
> Even more if you’ve got indoor plumbing that needs a plumber
Thankfully, my building doesn’t have indoor plumbing. /s
Direct_Ad18 t1_j8xwhca wrote
Pretty much spot on. Once the loss is recuperated, rent increase should go back to normal, or at least they did in my building. My lease renewed (for a downtown 1 bedroom) in April 2022 with a $500 increase, or around 20%. We just got the offer for April 2023, and were pleasantly surprised to see it was only 10%, which was pretty consistent with our increases before COVID.
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