The Bay Area is home to nine of the 100 most expensive U.S. ZIP codes to rent an apartment, according to a new report. But only one local neighborhood cracked the top 50, coming in behind high-society enclaves in Florida, New York, Colorado and Southern California.
Rents in many other cities across the country, meanwhile, soared to record highs during the recovery from the pandemic, though rental prices have started to come down nationwide in recent months amid growing economic uncertainty.
The law requires that at the time of taking any listing of real estate property, a licensee shall provide the owner with a copy of a summary of the New Jersey Law Against Discrimination N.J.S.A. 10:5-1 et seq. - commonly known as the Attorney General's memorandum. The purpose of the memorandum is to help owners, as well as licensees, comply with the New Jersey Law Against Discrimination and federal laws that prohibit discrimination in the sale or rental of real estate.
Although small in size, New Jersey is a well-known destination for a smorgasbord of attractions and cultural activities to enjoy. Known as the Garden State, New Jersey offers a diverse and eclectic selection of rental home styles from cozy seaside bungalows and traditional Colonials to split-level ranches and capes. The rental market caters to all types of home seekers and offers a wide selection of house styles and sizes to suit various tastes and preferences.
Owners who receive PHFL 610 regulatory approval will be required to use the updated leases, rider, and related lease notice when executing a lease that includes a higher actual rent pursuant to PHFL 610. Owners who are not approved for PHFL 610 status are being given a transition period of 120 days from the issuance of the new documents to put them into use.
A number of communities in New York State have rent regulation programs known as rent control and rent stabilization. These Rent Regulation Programs administered by the Office of Rent Administration (ORA), position ORA as a leader in the preservation of affordable housing. Rent regulation is intended to protect tenants in privately-owned buildings from illegal rent increases and allow owners to maintain their buildings and realize a reasonable profit.
Rent control is the older of the two systems of rent regulation. It dates back to the housing shortage immediately following World War II and generally applies to buildings constructed before 1947. Rent stabilization generally covers buildings built after 1947 and before 1974, and apartments removed from rent control. Outside New York City rent stabilization is also known as ETPA, for the Emergency Tenant Protection Act. More details on these matters can be obtained by calling, writing, or visiting one of the DHCR Borough or District Rent Offices.
The rent control program applies to residential buildings constructed before February, 1947 in municipalities that have not declared an end to the postwar rental housing emergency. There are several municipalities that still have rent control, including New York City, Nassau and Westchester counties.
Rents charged in controlled apartments are set and adjusted on the basis of registrations filed by owners when Federal rent control was imposed in 1943. The rent control law allows DHCR to determine how much rents can be increased based on an assessment of what it costs owners to operate their buildings plus a reasonable profit.
In New York City, rent control operates under the Maximum Base Rent (MBR) system. A maximum base rent is established for each apartment and adjusted every two years to reflect changes in operating costs. Owners who certify that they are providing essential services and have removed violations, are entitled to raise rents annually. Tenants may challenge the proposed increase on the grounds that the building has violations or that the owner's expenses do not warrant an increase. Outside of New York City, owners can file for ORA approved rent increases once every two years.
In New York City, apartments are under rent stabilization if they are in buildings of six or more units built between February 1, 1947, and December 31, 1973. Tenants in buildings built before February 1, 1947, who moved in after June 30, 1971, are also covered by rent stabilization. A third category of rent stabilized apartments covers buildings with three or more apartments constructed or extensively renovated on or after January 1, 1974 with special tax benefits. Generally, those buildings are only subject to stabilization while the tax benefits continue or, in some cases, until the tenant vacates.
Like rent control, rent stabilization also provides other protections to tenants besides limitations on the amount of rent. Tenants are entitled to receive required services, to have their leases renewed, and may not be evicted except on grounds allowed by law. Leases may be renewed for a term of one or two years, at the tenant's choice based on guidelines established annually by the NYC Rent Guidelines Board.
Outside New York City, rent stabilization applies to non-rent controlled apartments in buildings of six or more units built before January 1, 1974, in the localities that have adopted ETPA, which include the City of Kingston, and Westchester, Nassau, and Rockland counties. For information on previous vacancy and lease renewal guideline increases for Westchester, Nassau, and Rockland counties, please see the 1984-2022 ETPA Historical Guidelines.
The STEP Program is a new United Way of Central Maryland initiative that provides rental assistance to households who have been impacted by the COVID pandemic and financial crisis. The program is offered to target ZIP codes that have both high rates of COVID and high rates of poverty.
Tenants are not able to apply to STEP directly, since this is a program that landlords apply to on behalf of tenants. If you are a tenant in need of rental assistance, please check with your landlord to see if they are participating. If your landlord is participating, you will be able to work with them so that they can submit the application on your behalf.
In addition to helping determine rents for the Section 8 Housing Choice Voucher Program and certain project-based Section 8 developments, Fair Market Rents are also used to determine rent ceilings for the HOME Investment Partnerships program and the Emergency Solution Grants program, as well as the Moderate Rehabilitation Single-Room Occupancy program.
Fair Market Rents generally determine the maximum rent that a Section 8 landlord will be allowed to charge its residents. However, it is only a ballpark estimate, as landlords are given some flexibility to charge more or less based on the number of bedrooms and bathrooms in a unit, as well as based on a unit's overall square footage.
Landlords may also be able to increase rental rates for units with amenities such as central air conditioning, a balcony or garden, or new interior finishes. In the end, the exact rental rate will typically have to be approved by the local public housing authority (PHA) that is administering the Section 8 program. This process may involve some negotiation.
So, while there is a certain degree of flexibility in rental rates, overall, this means that if a landlord is interested in applying for the Section 8 program, they should look at the FMRs for their area first. If the FMRs are very low or will not be feasible in support of their investment strategy, the program may not be a good fit.
Just as regular rental prices differ significantly based on factors such as unit size and number of bedrooms, so do Fair Market Rents. For instance, the FMR for a one-bedroom apartment in a specific area may be $1,600, but it might be $2,000 for a two-bedroom apartment.
Fair Market Rent (FMR) is an estimation of how much rent should cost for a unit in a given market and geolocation, given the number of bedrooms and bathrooms it has. It is developed through the use of renter surveys by the U.S. Department of Housing and Urban Development (HUD) in an effort to determine payment amounts for various housing assistance programs, most notably, the Section 8 Housing Choice Voucher Program. Market rent, on the other hand, is the actual rent charged for a unit in a given market and geolocation, given the number of bedrooms and bathrooms it has. It is determined by the landlord or property manager and can be higher or lower than the FMR.
Fair Market Rent (FMR) is the estimation of how much rent should cost for a unit in a given market and geolocation, given the number of bedrooms and bathrooms it has. FMR is a statistic developed through the use of renter surveys by the U.S. Department of Housing and Urban Development (HUD) in an effort to determine payment amounts for various housing assistance programs, most notably, the Section 8 Housing Choice Voucher Program. Fair market rent varies by location, and is updated on an annual basis. As defined in the statutes that concern them, FMRs are estimates of 40th percentile gross rents for standard quality units within a metropolitan area or non metropolitan county.
The 2021 fair market rent calculator can be found on the Department of Housing and Urban Development website. This tool allows you to find the fair market rent for any given area by providing the state and county (with the option to browse all FMRs within a state if no target county is selected), or by providing the target metropolitan statistical area.
The 2022 Fair Market Rent calculator is a tool developed by the U.S. Department of Housing and Urban Development (HUD) to estimate the cost of rent for a unit in a given market and geolocation. The calculator can be found on the HUD website here. It can be used to locate fair market rents by providing the state and county, or by providing the target metropolitan statistical area.
The 2023 Fair Market Rent (FMR) Calculator can be found on the HUD's FMR Dataset and Search Tool. This tool allows you to determine current and historical FMRs for your area by providing the state and county (with the option to browse all FMRs within a state if no target county is selected), or by providing the target metropolitan statistical area. 041b061a72