Rent increase to market value

4 Replies

Hi, I own MF in NJ and rents were severely undermarket. I renovated the whole building and increased rents to market value. Tenants complained to the township about high rent increase and dont want to leave even though I gave them 2 months. Is there anything else to do except for applying for eviction?

Are the two months up?

If not I would have an Atty send them notice if rent increase by registered mail, signatures required

Then don’t worry about it until the two months are up.

What did the Township do ?

Originally posted by @Hanna Minkin :

Hi, I own MF in NJ and rents were severely undermarket. I renovated the whole building and increased rents to market value. Tenants complained to the township about high rent increase and dont want to leave even though I gave them 2 months. Is there anything else to do except for applying for eviction?

You renovated with tenants in place? Brave. I would have done the lease terminations/evictions first, and then done renovations and had new tenants apply.