Establishes Statewide rent control in New Jersey, limiting rent increases for tenants.

New Jersey S4451 establishes Statewide rent control, limiting rent increases for tenants. For current tenants, rent cannot increase by more than four percent over a five-year period or more than two percent in a given year. For new tenants, rent cannot increase by more than 10 percent over the rent charged during the last term of a previous tenancy. Landlords can apply for a waiver if the rent increase limit would cause undue hardship, but waivers are not granted if the landlord has outstanding State or municipal violations.

Establishes Statewide rent control in New Jersey, limiting rent increases for tenants.

New Jersey S4451 establishes Statewide rent control, limiting rent increases for tenants. For current tenants, rent cannot increase by more than four percent over a five-year period or more than two percent in a given year. For new tenants, rent cannot increase by more than 10 percent over the rent charged during the last term of a previous tenancy. Landlords can apply for a waiver if the rent increase limit would cause undue hardship, but waivers are not granted if the landlord has outstanding State or municipal violations.