The Real Story Behind Those Rising Rents

Multifamily Executive May 2, 2023

After adjusting for inflation, effective asking rents tracked by RealPage grew 1.2% annually during that period. This is actually less than the average 1.6% annual rate for the preceding five years. Real rent growth—the amount that rent growth exceeds inflation— has decreased in recent years. It has even turned negative in some high-cost coastal markets and for smaller unit types.

Watchdog sues Newark, Jersey City landlords over housing discrimination claims

New Jersey Monitor, April 27, 2023

A housing watchdog group has sued 26 landlords and brokers in Newark and Jersey City, alleging they illegally refuse to lease apartments to people who use government-subsidized vouchers to pay rent.

The Housing Rights Initiative, a New York City-based nonprofit, filed a complaint in state Superior Court Wednesday asking a judge to declare the landlords, brokers, and companies that employ them in violation of New Jersey’s Law Against Discrimination. That law prohibits discrimination based on source of income.

The group began investigating housing voucher discrimination in the New York metropolitan area in 2017 after receiving complaints from prospective renters, the group’s founder and executive director Aaron Carr told the New Jersey Monitor.

restaurants — could be coming to Ironbound

ROINJ, June 8, 2023

Those wondering what possibly could replace the iconic Iberia Tavern & Restaurant in Newark — and the 5.2-acre lot it was on — may be in for a stunning surprise. A transformative mixed-use property — one that aims to bring up to 2,500 units of multifamily housing, numerous Portuguese and Brazilian restaurants and a mini city square that will re-create those found in Europe — is one step away from filling that spot in the Ironbound, according to the attorney who represents the buyer of the property, Sinai Equity Group.

Newark to Penalize Landlords of Non-Rent Controlled Buildings Who Impose “Unconscionable” Rent Increase

Newark NJ, June 7, 2023

“Newark faces a crisis of affordability. The value of property in Newark is increasing rapidly. Landlords are charging rents of over $2,000 for one-bedroom apartments in areas where they were just $750 five years ago. 30 percent of the rental housing in Newark is not under rent control, and there is presently no penalty for how much a landlord can increase those rents,” Mayor Baraka said. “The Unconscionable Rent Increase Ordinance is one important step that we have taken toward keeping Newark affordable. It’s not the only one, but it’s a big step toward continuing to be the kind of culturally and economically diverse city that makes Newark so special.”

Here are the 13 towns with the highest property tax bills in NJ

App.com, June 6, 2023

The towns with the highest average property tax bills in New Jersey are predominantly in Bergen and Essex counties, through three municipalities at the Jersey Shore also made the top 14: Rumson, Deal and Mantoloking. Driven by salary increases to teachers, police officers and other types of public workers, “taxes are going up faster in the last four years than they were going up the prior four years,” said Egea.

NJ Town Ranked Best Main Street in America

New Jersey Digest, June 7, 2023

Just seven years ago, downtown Metuchen experienced a 20 percent vacancy rate as it faced departing businesses and a declining appearance. Today, the two-block streets fill with thriving businesses, annual celebrations, and a loyal community thanks to eager volunteers. “Shop Local” is its motto, encouraging visitors to support the hard-working residents of the town.