Increasing rent in New Jersey
Hello everyone. Took over two rental properties from my father and I want to make some changes to better organize myself. In one property there are two units, both occupied. Both tenants have been there for quite some time already. The lease on each unit has expired years ago and has not been renewed. The rent has not been increased either. The supply for rental units in this town is pretty low so the demand is high. Average rent is about $1,300 for a two bed room apartment. Each apartment is about 700-800 square feet. Current rent is $1,050 and I would like to renew the lease with the current tenants but increase the rent to $1,200. I am thinking about giving them a 60 day notice to let them know of what the changes will be and then giving them the option to either move out or renew the lease. I know i will be able to attract a lot of people at that rate. The only issue i am having is I am not sure if I can increase the rent by that much. For all my folks in New Jersey, who understand the law more, have any input on this? Is there anyway I can get a guidebook for New Jersey for being a landlord? In other words, a book that will teach me how to do things the correct way. Please let me know. Thanks in advance.
Kevin A.