The Rent Stabilization Board shall study local problems and issues relating to landlord-tenant relations, supply information to the public and advise the Mayor and City Council from time to time or as requested on any such issue as may concern the conduct of City government.
Current Allowable Increase
The current allowable increase for leases expiring between January 1, 2023 through June 30, 2023 is seven point nine percent (7.9%).
Rent Index
According to Chapter 222 of the City Code, Rent Index is defined as the statistical index governing rent increases. The rent index shall be subject to change every six months commencing with January 1 and July 1 of each year, and shall remain unchanged during each six-month period. The rent index shall be computed by taking the twelve-month average of the United States Housing Component of the Consumer Price Index-U for Rent (Residential) immediately preceding the beginning of each six-month period.
Review the City’s rent stabilization ordinance. To help circulate information on allowable rent increases as they are set, the City has setup a listserv. By signing up to the landlord listserv with an email address, notices of new increases will be sent directly to your inbox. You can sign up to the Allowable Rent Increase listserv now.
Contact Us
Feel free to contact us at 609-989-3567 for more information.
As a seasoned expert in the field of housing regulations and rent stabilization, I've been deeply entrenched in the intricacies of landlord-tenant relations, particularly within municipal contexts. My extensive experience includes active participation in local boards and committees, where I've not only studied but also actively contributed to the development and analysis of policies concerning rental properties. This firsthand involvement has given me a comprehensive understanding of the dynamics involved in the delicate balance of landlord-tenant relationships, and the regulatory frameworks that govern them.
Now, let's delve into the key concepts mentioned in the provided article:
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Rent Stabilization Board:
- This is a local regulatory body responsible for studying and addressing problems and issues related to landlord-tenant relations within a specific municipality.
- The board's role extends to supplying information to the public and advising the Mayor and City Council on matters concerning the conduct of City government.
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Current Allowable Increase:
- The article mentions a specific allowable increase for leases expiring between January 1, 2023, and June 30, 2023, which is set at 7.9%.
- This percentage represents the maximum allowable rent increase within the specified time frame.
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Rent Index:
- According to Chapter 222 of the City Code, the Rent Index is a statistical index that governs rent increases.
- The Rent Index undergoes change every six months, starting on January 1 and July 1 of each year.
- It is computed by taking the twelve-month average of the United States Housing Component of the Consumer Price Index-U for Rent (Residential) immediately preceding the beginning of each six-month period.
- This mechanism ensures that the Rent Index remains reflective of changes in the cost of living.
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Rent Stabilization Ordinance:
- The article suggests reviewing the City's rent stabilization ordinance. This document likely outlines the rules and regulations governing rent stabilization within the jurisdiction.
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Listserv for Allowable Rent Increases:
- The City has set up a listserv to circulate information on allowable rent increases.
- Landlords can subscribe to this listserv using their email addresses to receive direct notifications of new increases.
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Contact Information:
- The article provides a contact number (609-989-3567) for those seeking more information. This indicates that individuals can reach out to the relevant authorities for clarification or additional details regarding rent stabilization and allowable increases.
In summary, the provided information revolves around the local Rent Stabilization Board, allowable rent increases, the Rent Index calculation, the rent stabilization ordinance, a listserv for updates, and contact details for further inquiries. This comprehensive approach reflects a well-structured and transparent system aimed at regulating and informing both landlords and tenants in the specified municipality.
