im not talking about people who invest in property and flip houses , etc for a living. Im talking about the average person who owns 1 home and rents it out.

either there is some serious miscommunication here , or we both fail to acknowledge each others points

Buddy. Look at what you’re writing. You really want to sit here with a straight face and tell me that landlords aren’t making profits…they are just buying and renting homes out of the goodness of their hearts?

That’s really what you believe???

Wow I think they have always been in trouble. I can’t see this ending well for the owners.

so much money goes down the drain on OT because cities don't staff appropriately

Simple, set a national tax on rental income over a certain percentage of rental cost. For example, if a rental property costs $1,000/month for mortgage/taxes/etc, allow landlords to charge up to $1,200/month with standard taxes. Anything above $1,200 is taxed at 90%.

It's the basic solution to most problems of wealth inequality in this country, except the rich own this country, so it won't happen.

i usually dont entertain personal experiences , but $2300 in rent is indeed absurd so fuck em, move on.

and i doubt someone is making a profit on a tenant paying $1700 like you keep claiming. Especially in rural Jersey. You really think some landlord in rural Jersey is making enough from their tenants to afford a 2nd mortgage?

if i decided to rent out my first floor, im not going to do it for 700 or $800 . thats not worth the hassle . its not worth having random ppl in my house . so no , not everyone has the luxury of choosing the price. and furthermore, Nobody is going to pay $3000 for a rental in some impoverished town in So. Jersey

I nearly threw up when I open and saw an officer making over 500k. That’s just insane.

pfft. just cover your plate

Insane. High property taxes? Exhibit A. Extra pay for sitting in a car doing nothing or watching a high school wrestling match should be at the rate a store security guard gets paid. No wonder cops drive very expensive cars and own second homes in their 40’s.

Ummmmm literally every landlord in this state??

In my county, my sister owns a home she purchased 6 years ago. Her mortgage payment is $800 a month. The home directly next door to hers, purchased two years before hers and being used as a rental is being leased out at a rate of $2300 PER MONTH.

The home I purchased this year….my mortgage is $1900 a month. And this is for a house on a substantial piece of property. The rental I left 9 months ago was a home 1/2 the size in less than a tenth of the property and I was paying $1700 to rent that place in a really awful and dangerous town.

If people weren’t making huge profits on leasing out properties, why would anyone be doing it?? Who are you kidding?

As to your comment that “no one would lease if it rent was too high” that’s BS and you know it. To get a mortgage and buy a home you need excellent credit, you need thousands and thousands of dollars in savings. You need thousands more in liquid funds. Buying is just not feasible for many people. The alternative is renting.

Landlords don’t need to compete, there is no surplus of housing….there’s a shortage. They have the luxury of pricing their units and whatever they want and people are still begging to be granted leases. It’s because the alternative is homelessness.

It’s gotta be the wind turbines, the sonar tests being done for the new ones- I don’t care what they say, that’s the only thing that’s drastically diffrent.

it was a yes or no question , but yes those are 2 different things. I think we’re clear now.

Btw if a price really is as unreasonable as you say, people arent going to rent from you. theyll move to another house, or another town before they do that. People arent that dumb, give them some credit.

and who the heck charges enough to afford a second mortgage? Thats actually crazy talk.

So your saying that if you move you will have to pay market rate for an apartment, so right now you are paying under the market rate, why is it not fair for the landlord to ask for market rate? If it was drastically over what everyone else is asking thats something different.

More like the American Nightmare mall. Just let it sink into the Meadowlands swamp already.

Yes, 4 is tight even surrounding Princeton for a apartment.

Are you renting it at a reasonable and fair cost that covers the cost to pay the taxes and maintain the property??

Or are you renting it at an unreasonable cost that covers all of the expenses of owning and maintain that home…..plus enough for you to pay most of a mortgage on a second home?

This are two very different things, no?

so if i own a house in NJ, u dont want me to let anyone rent it?

[deleted]

Google and Wikipedia is free.

Do you have to see if the town has a rent control. Usually on the towns website or you could just Google it. Also, if it is, I believe less than half for apartment building they could basically raise you, however much they want. I think you are only protected for a for building apartment and more because my place is a huge building and they could only increased me 5%.

I will mention to you too since Essex is not that far from Bergen County. The complex i used to live in is renting 1 bed 1 bath from 1575. https://www.trulia.com/c/nj/bloomfield/brookdale-gardens-935-broad-st-bloomfield-nj-07003--2005837297

I dont know if it helps but just passing it on. I dont live there anymore but i feel bad for people who cant afford their rent so i am trying to help.

I am in Essex County and the apartment complex i lived in was renting 1 bed 1 bath for 1575. I dont know if you live close to Essex or its worth it but maybe you can look.

https://www.trulia.com/c/nj/bloomfield/brookdale-gardens-935-broad-st-bloomfield-nj-07003--2005837297

Federal restrictions on for-profit use of any fundamental, life sustaining, resource.

I think that’s pretty damn clear.

Okay I see where the disdain comes from thanks for explaining.

I saw in another comment that you’re a teacher? I married one so I feel your pain about affordability. We were only able to start really saving when we moved in together and could split bills. We have a kid now and are still renting- been trying to buy a house for almost 3 years. We even have a decent down payment and budget but wow this housing market is awful!

Hang in there!