Question about Raising Apartment Rents in Hudson County

[Sandy H.]

Hello,

I am asking this question for a friend that is a landlord.

If you had a tenant that lived in Hudson County in a nice brownstone that hasn't had a rent increase in 6 years...is a 15% increase considered an "unconscionable"raise?  The apartment is a one bedroom/one bathroom.

Thanks in Advance

[Mario Brown]

@Sandy H.

Generally speaking 15% is on the high side for a one year increase. As i am sure you told your friend, it is better to raise rents slower in the 3-5% range each year than to hit your tenants with 15% in one year.

 Of course that is assuming that you didn't do any re- positioning OR value add improvements to the space. If that was the case, charge market rent regardless of rental rate history.