rent

Americans Are Renting Fewer Apartments

Americans are renting fewer apartments as demand in the third quarter fell to its lowest level in 13 years.

Performance Property Real Estate Question

How ADUs Are Making Housing More Affordable

Q: My grandmother lives alone and needs more income. Can she move into the apartment over her garage and rent out her house? Elmo, South Orange, NJ A: ADU stands for Accessory Dwelling Unit. Accessory dwelling units (ADUs) have been around for a very long time. An ADU is a secondary small dwelling on the same grounds or attached to a single-family house. ADUs are sometimes referred to as mother-in-law flats or granny flats. Examples of ADUs include: an apartment over the garage a cottage or tiny house in a home’s backyard (Note: ADUs can be tiny houses, but tiny houses aren’t always ADUs) a basement apartment Regardless of its physical form, an ADU is legally part of the same […]

How To Recover Rent $ When A Tenant Stops Paying

Q: I have a tenant who hasn’t paid me rent in almost 2 years. I finally got a court date in landlord-tenant court. Is there any way to get the money he owes me? Candy, Elizabeth, NJ nd are we in one now? Charles, Berkeley Heights, NJ A: The most obvious remedy when a tenant is behind on rent is to file for eviction, Candy which is what you’ve already done. Even if you can finally evict your delinquent tenant, he still owes you almost 2 years worth of rent. A lease agreement is a binding contract and when a tenant stays in a landlord’s property and fails to pay, a landlord can sue the tenant in civil court to […]

U.S. Rent Hikes Are Spreading to Older, Cheaper Apartments

U.S. Rent Hikes Are Spreading to Older, Cheaper Apartments.

How Rising Home Prices & Job Recovery Will Affect Rents

Q: Rents seemed to go down in many places during the pandemic. Do you think that will continue? Jules, Montvale, NJ A: Rents are actually rising precipitously in many local real estate markets now because of two main reasons: 1) jobs recovery (almost 90% of jobs slashed during the pandemic have been recovered 2) many first time home buyers can’t afford current home prices which have risen nationally 20-25% on average in the last year and job gains are creating more rental demand. In addition, the eviction moratorium has reduced the availability of rentals. High home sale prices have resulted in falling new mortgage applications and the % of home sales to first time home buyers has fallen recently. The […]

The Danger Of Being An Airbnb Dependent Landlord

Q: I’m looking to buy a rental property. At the prices I’m seeing for properties, the rents won’t come close to covering my mortgage and costs. My cousin gets a lot of money for his place when he rents it on airbnb. I feel more comfortable now knowing that. Do you think airbnb is the way to go? Tim, West Orange, NJ A: For 6 hours on Oct 4th 2021 Facebook went down for 6 hours. There are many businesses who are dependent on Facebook who lost revenue during that outage. Likewise, in recent years there are many investors (often newbie investors) who overpaid for rental property hoping to cover their expenses and debt service by renting out a home […]

In July U.S. Rents Rose 7%-8.7% For 1 And 2 Bedroom Apartments

In July U.S. rents rose 7% for one bedroom apartments & rose 8.7% for 2 bedroom apartments year over year.

How Housing Demand Has Shifted Recently

Q: Gerald, a lot of people moved to suburban and rural areas with more space when the pandemic started. Has that trend continued? Martha, Manville, NJ A: People fled urban areas in 2020 to buy and to rent seeking perceived safety from the pandemic as well as more space for their families and for home office space. That initial trend during the pandemic has reversed itself and as I anticipated people are moving back to urban areas both to buy and to rent. For example, rental demand in Manhattan in summer 2021 was the highest it has been in 10 years. Hudson County, where my Jersey City office is located, has recently been the highest performing housing market for residential […]

Why Rents Are Rising Now

Q: Gerald, I am a landlord who has been having trouble collecting rent since the pandemic started. Are rents headed up or down? Earl, Plainfield, NJ A: In July U.S. rents rose 7% for one bedroom apartments & rose almost 9% for 2 bedroom apartments year over year. As the economy improves, people are moving out of shared living situations seeking their own piece of terra firma. In addition, home prices have skyrocketed recently particularly in 2020 when the pandemic first hit and people were fleeing cities looking for more space. Eventually, as home prices climb, many home buyers, especially 1st time home buyers are priced out of the market, which is another reason rents are on the rise. Where […]

NJ Is The Sixth Most Expensive Place To Rent In The US

NJ is the sixth most expensive place to rent in the US behind only Hawaii, California, New York, Massachusetts and Washington, D.C.

Rents Are Falling Near College Areas

Rents are falling near college areas as millions of students stay home.

More Households Paid Rent On Time In May Than Expected

More households paid their rent on time in the first week of May than was expected (80.2% vs. 78% in the 1st week of April).

How Much Can A Landlord Raise Rent

Q: My daughter is finishing up her junior year in college. She is renting an apartment. How much can the landlord increase her rent? Lindsay, Delran, NJ A: If your daughter signed a written lease, her rent payments are fixed and can’t be increased throughout the term of the lease. If your daughter is renting month-to-month, her rent can’t be increased until the end of any given month. The best protection against rent increases is a longer term lease–leases can be as long as both parties decide. Landlord-tenant laws vary widely from state to state and they vary in different towns, cities and counties within states. In general, rents are determined by the law of supply and demand however, some […]

Testimonials

“Thanks for sharing your knowledge and for your good advice. We were able to work things out with our lender and get our mortgage loan caught up and current.”

Vaughn | Westfield, New Jersey

“Good afternoon, Gerald, I appreciate you for staying consistent and helping me with my mortgage lender for the last few months. The free guide you gave me helped us figure out the right path to take. I finally got all the money to make my loan current by the end of the week.”

Stephen Brunson | Plainfield, New Jersey

“Sir Gerald Lucas..my Knight who rescued me from the prison of Rushmore. At last I feel freedom to stop worrying about keeping myself financially afloat. You came into my life and gave me peace of mind. I will always remember your kindness and generous spirit. You are daily in my thoughts and prayers. May your gratuitous services to me be The Blessing it was,and may you be rewarded with many Blessings in return. I prayed to God for help and He sent YOU. Much love.”

Mary Elizabeth Robinson | Wilmington, Delaware

“Hi Gerald I just want to take this moment to thank you and express my gratitude for a job well done. When I thought that everything was lost you appeared and delivered hopes. Your professionalism and endurance are out of this world. Thank you thank you. I will always be grateful.”

Berkis Castro | Clifton, New Jersey

“Thank you so much for helping me. My property was haunting me for quite sometime. We tried for so long to sell but couldn’t. My family and I never thought we would resolve this problem so easily, but you facilitated the whole process and made it swift and painless. We can’t thank you enough for this.”

Sal Rizzo-Cascio | Jersey City, NJ

“Thank you so much for all your work, effort and time you put in helping me. I think things went really smoothly, way better than I’d hoped for! I’m sure it’s because of you. I really appreciate all of your help!”

Bridget Hieronymus | Jersey City, New Jersey

“I was not able to pay my mortgage and the Bank started the Foreclosure proceedings against me. I spoke with Performance Property about their process and they gave me hope. They were very diligent and did all the negotiations on my behalf. They were very professional, sincere and hardworking. I would recommend Performance Property’s services to anyone.”

Samuel Manoharan | North Bergen, New Jersey

“My family and I want to thank you so much for helping us. You did an outstanding job negotiating with our bank and keeping us informed. Thanks to your help, I now have more money to pay down bills and repair my credit.”

Marko Shafik | Bayonne, New Jersey

“If you find yourself in my situation, I highly recommend Performance Property. Always attentive, thoughtful and understanding, Performance Property will keep you informed every step of the way and will not rest until the job is done.”

Sean Daughtry | Jersey City, New Jersey

“As I began my morning today, I came to the conclusion that it was the dawn of a brand new start for my family. The burden is finally behind us. I have you to thank for that. You stuck by us, slogged through the swamp that is Chase Bank, put up with my constant questions and anxieties. I wondered if this day would come and lo and behold, it has. If good karma is to be had, I think you hit it big today. I am profoundly grateful for your hard work that has truly made a difference in our lives. We can now move forward with rebuilding our lives focusing upon a renewed perspective of what the important things in life are. Thank you again for your time and dedication.”

Melinda | Bayonne, New Jersey

“Thank you so much for all your help. I feel a huge weight has been lifted. The experience and knowledge that Performance Property provides is invaluable. In every step of the process, you were extremely courteous and professional. Thank you again.”

Gita Gorji | Hoboken, New Jersey

“Our loan modification was finalized. Got all the documents. Even got legal documents stating that foreclosure proceedings were cancelled. Our rate went from a 4.75 to a 3.4 and our mortgage payment went down almost $200 a month. So all is good. Thank you so much.”

Crystal | Totowa, New Jersey

“Finally the bank called me and said that my loan modification was approved! I thank you so much for your help it really meant a lot to me...I really appreciate you. Thank you Thank you Thank you”

Camille Perry | Newark, New Jersey

“Hey Gerald wanted to give you a heads up that they offered me a loan modification. Thanks for all your help!"

Robert Evans | North Arlington, New Jersey

“I appreciate everything you were able to do with my lender, I am immensely grateful to you."

Carol Cunningham| West Orange, New Jersey

“Thank you so much for your help, Gerald. I feel like a huge weight has been taken off me."

Iradys Rivero| North Bergen, New Jersey

“At this point, Gerald, you are the only person I can trust. I appreciate all your efforts to assist me."

Deborah Dowe| Plainfield, New Jersey

“I want to thank you for helping me to get the courage to work on this problem because I didn't want to face it. Your help with the phone call to the mortgage company & other assistance was so appreciated. Thank you so much."

Evelyn Rudnicki | Rochelle Park, New Jersey

“I'm not trying to be a pain in the neck but I would like to thank you for your advice. I think things are going to work out for me. I did exactly what you told me and I think the mortgage company is going to work with me. I appreciate your advice. You are a Godsend. The world needs more people like you. Thank you and God bless you."

Jimmy Armstead | Roselle, New Jersey

“My mortgage problem is resolved. God bless you for all your help. You are a very good man, Gerald."

Virgilio Rodriguez | Paterson, New Jersey

“I followed the instructions Gerald from Performance Property gave me and I proved to my lender that I can pay back my mortgage.”

John Nikoe | Linden, New Jersey

“God bless you.”

Ravinder Thota | Jersey City, New Jersey

“My bank gave me a permanent loan modification. Thank you very much!!”

Jim Armstead | Roselle, New Jersey

“You helped me a lot more than the lawyer I hired. I should have gone to you in the first place. You were very kind. Thank you so much.”

Aileen Collucci | Little Falls, New Jersey

“After speaking with you I feel like I can wipe the sweat from my brow.”

Barbara Herbert | Union, New Jersey

“You have been my saving grace. Thank you so much. I really appreciate it.”

Amoy Frost | South Orange, New Jersey

“Thank you very much. I appreciate all your help.”