Can I Rent at Market Value After Home Previously Under Control

[Karmina Lima Fonseca]

Hi BiggerPockets community,

I'm considering purchasing a 2-family home in Guttenberg, NJ, which was previously registered as rent control with the town. The current seller has done a complete rehab on the property and is now selling it vacant.

My question is: Am I allowed to rent out the units at market value given that the property was previously under rent control? Are there specific regulations or processes I need to be aware of to ensure compliance with local laws? Any insights or experiences with similar situations would be greatly appreciated!

Thanks in advance for your help!

[John Clark]

Quote from @Karmina Lima Fonseca:

Hi BiggerPockets community,

I'm considering purchasing a 2-family home in Guttenberg, NJ, which was previously registered as rent control with the town. The current seller has done a complete rehab on the property and is now selling it vacant.

My question is: Am I allowed to rent out the units at market value given that the property was previously under rent control? Are there specific regulations or processes I need to be aware of to ensure compliance with local laws? Any insights or experiences with similar situations would be greatly appreciated!

Thanks in advance for your help!

Why are you asking here? Talk to a lawyer versed in the local law and know for sure.