rbastid t1_iuv1p5k wrote
Every situation is different. If someone has a four family house and hasn't reached the current market value for their apartments they may have to raise a high amount like 20%, but if someone is on Year 2 at their current house, they may already be paying top of the market rent, and their landlord could get away with a small percentage raise (if they just intend on raising to cover the Tax hike, and not just raise them a high amount since they see it's possible.)
Even for Renters it's going to be a tough choice, especially if you want to stay in Jersey City. Say you get a $300/Month raise. That $3,600 a year raise may just cover moving expenses and broker cost (landlords are going to be hard pressed to cover that cost now) and the place you move in to could end up giving you the same raise next year, knowing you're very unlikely to pack up and move yet again. It'd be a much easier choice for Renters if there was a buyers market for houses right now, but buyers are getting hosed too.
You can check what the new taxes are on the JC website, and see how much your landlord was raised. Then you've just got to figure out that amount divided by the number of tenants, and assume that's the amount you'll be raised, if not a little more to cover the rising cost of everything else (insurance, new trash/water fees, incidentals) You may get raised 10%, but someone in another apartment paying less rent may get raised 20%.
bodhipooh t1_iuwiqz0 wrote
>You can check what the new taxes are on the JC website, and see how much your landlord was raised. Then you've just got to figure out that amount divided by the number of tenants, and assume that's the amount you'll be raised, if not a little more to cover the rising cost of everything else (insurance, new trash/water fees, incidentals)
This might not be a realistic approach. You are certainly underestimating the impact of new increases in trash and sewer fees by using the words "a little more." Some people are reporting getting major increases in their trash and water bills. And, insurance companies are about to start introducing major increases in their rates, as evidenced by recent filings with the state insurance regulators. Yeah, taxes are front and center in the conversation, but homeowners are getting walloped this year and the next.
[deleted] t1_iuwze87 wrote
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