Lease Renewal

[jaywalk]

I got a renewal of a studio at Thomas Jefferson with a 10% increase to $1,400. Is such an increase reasonable?

[Lenin]

A 10% increase is usually considered "reasonable" by the courts of NJ.


Probably the number of rents ever struck down as "unreasonable" could be counted on the fingers of one hand.

I think you're stuck, jaywalk.

[lbattorney]

I just got my renewal and it increased 10% too. I think it is unreasonable because since last year I have an obstructed view and a dog walk right outside my window. I think management thinks that they can get renters for higher rates and until they can not, they will continue to raise the rent. Newport is not Manhattan, so they will have to be careful or it will be a better value to rent in Manhattan or to buy, than to rent