"Decontrol" the rent control in Hudson County NJ
Good morning, BP community !!
I am going to submit an offer to a 2 families house w/ finished basement in Hudson County NJ. Both units are occupied. One of the tenant is paying under market rent ( whom had been live there for 5+ years); estimate they are under paying $400 / mo. This tenant is on month to month term.
Since there is rent control in the property, I can't raise the rent to market level when ownership change, is it 100% correct? As new landlord, can I issue a new lease with market rate to them; if they don't agree to the rent, do i have to go through evict process ? What if I decide do owner occupied, would it expedite the evict process ?
If the existing tenant leave the property, can i issue a lease with market level rent to new tenant or it would be still remain Rent Control status as former tenant rent level? Is owner occupied the only way to decontrol Rent Control of this property?
P.S: looking for experienced real estate attorney familiar Hudson County property law to work with : )