Establishes Statewide limitation on rent increases in New Jersey.

The bill establishes a Statewide limitation on rent increases in New Jersey. It prohibits a residential landlord from increasing rent by more than 5 percent plus inflation, or 10 percent, whichever is lower, of the lowest rental rate charged for that dwelling unit at any time during the 12 months prior to the date when the increase takes effect. The bill applies retroactively to rent increases established on or after February 1, 2022.

Establishes Statewide limitation on rent increases in New Jersey.

The bill establishes a Statewide limitation on rent increases in New Jersey. It prohibits a residential landlord from increasing rent by more than 5 percent plus inflation, or 10 percent, whichever is lower, of the lowest rental rate charged for that dwelling unit at any time during the 12 months prior to the date when the increase takes effect. The bill applies retroactively to rent increases established on or after February 1, 2022.