Bill > A3361

This bill establishes limits on rent increases for certain dwelling sites in manufactured home parks, specifically for modular, industrialized buildings, and manufactured homes. The legislation caps rent increases at 3.5% over a 12-month period, with some important exceptions. Landlords can set an initial rate for a new tenancy, and they can petition the Commissioner of Community Affairs to approve a higher rent increase by demonstrating unexpected cost increases (such as maintenance, utilities, or insurance) or necessary capital improvements. If a landlord attempts to increase rent beyond the allowed limit, they may face penalties of $1,000 per violation and tenants can potentially terminate their lease or pursue legal action. The bill also addresses how this new law interacts with existing municipal rent control ordinances, allowing local regulations that are more restrictive to remain in place. Tenants are given protections, including the right to challenge excessive rent increases and potentially recover legal fees. The bill will take effect eight months after enactment, giving landlords and tenants time to understand and prepare for the new regulations, and the Department of Community Affairs has been appropriated $2 million to implement the law.

Business and Industry, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/A3361