NEW BRUNSWICK, NJ - City officials approved a 2.5 percent rent increase for New Brunswick's regulated apartments, in a 3-0 vote at the rent control board’s October 24 meeting.
The board approves a rent increase once every 12 months, generally at its October meeting. The 2.5 percent increase applies to any lease signed between October 2017 and October 2018.
Landlords will be able to offer a monthly rent increase of up to 2.5 percent of what the tenant is currently paying, and under city regulations, can only increase the rent once in a 12-month period.
In 2016, the increase was 2.6 percent, meaning that a tenant paying $500 a month in 2015 paid $513 in 2016.according to the city website.
Under city law, landlords can only increase the rent once in a 12-month period. Yet landlords don’t have to increase the rent by up to 2.5 percent, said Rent Control Administrator Maria Cody.
The landlord could still decide to make a smaller increase to the rent or none at all, Cody said, but they are still entitled to a permissible increase of no more than 2.5 percent once every 12 months.
Most rental units in the city are rent-controlled and regulated, according to the city website.
City officials calculate what the rent increase should based on the consumer price index formula (CPI).