All Forum Posts by: Rachid Baghdad

This isn't a street parking. It's marked and  belongs to the condo. Current tenant is moving out. So, this is a whole new tenant with the new rate.

Thanks,

$7800 loss. I started out low and had no idea about this rent control annual increase. Learning a lesson a hard way. 

Hi everyone,

Back in 2019, I purchased my first investment property in New Jersey when my son started college there. I got him a couple of roommates and registered the unit with the city at the fair market rent at that time, minus my son's share. Each year, I increased the rent according to the city's official annual increase rate.

Now that my son has moved out, I wanted to re-register the unit at the current market rate. I found new tenants, and everything seemed to be going well. However, the rent control authorities are not allowing me to increase the rent by that much—the difference between the approved rent and the current market rate is $750 per month.

My question is: Can I draft a lease agreement at the approved rent but include an additional charge in a separate section for things like HOA fees, parking, and furnishings to make up for the $750 difference?

I’d really appreciate any feedback or guidance. Thank you!