Thoughts on raising rent during pandemic in NJ?

[Tracy Fascia]

Is it wise to raise the rent on an existing tenant who wants to renew the lease during this pandemic in New Jersey?

[Curt Smith]

I've raised rent on 2 houses in March-April, good income reliable long term tenants.   $85 on one from $1500 to 1585 and 85 on another from 1200 to 1285 a single women works at a local univresity way under rent.  I plan my annual (every year) rent raises come Sept to take effect Oct probably 5%, where its usually 7%.

That said i won't raise rent on folks who have in the past struggled to pay for employment or health reasons.  

To raise or not raise for us is dependant on the tenant's situation, how much under market.  BTW rentometer.com is a lagging rent source, meaning it will be very low.  In Atlanta area I feel the beginning of red is a more accurate predictor but the real truth is zillow rentals. Actual rentals in the market!!!   The market - is the market place.  Look for compariable rentals and the ask.  In Atlanta there has been no cooling, rather staying hot.  All my peers are seeing longer queues of applications even with big rent raises to market.

Read my paper a file hung off my profile 1st paragraph How to Buy a Bullet proof rental portfolio for a peek at a landlording business model thta is tenant centric.  So yes raise or not raise is dependant on how much under market and the tenants specifics.

PM me I will send you my rent raise letter where I show the market rent amount and rent raise in a very kind message...