Woodmere Associates, CPI Rent Increase October 2023-March 2024 representing Woodmere Apartments CPI Rent Increase Cory Lanzara was sworn in. An attorney representing Lee Hutchinson.
Mr. Memoli stated that the applicant is entitled to a maximum CPI increase of 4.25%, and since heat is provided to the tenants, they are entitled to an additional 1.50% increase. Thus, the total rent increase is 5.75%. The rent increase will be effective for the annual leases beginning on October 1, 2023, November 1, 2023, December 1, 2023, January 1, 2024, February 1, 2024 and March 1, 2024.
In reviewing this application, we found a complete application without any issues or discrepancies.
Motion Cicalese/Cialkowski Yes: M. Cicalese, R. Tremer, E. Cialkowski, D. Di Capua, W. Boyce, J. Sullivan
Pine View Associates, CPI Rent Increase- the attorney representing Attorney Mr. Hutchinson and Association representative Mrs. Lanzara.
Mr. Memoli stated that the applicant is entitled to a maximum CPI increase of 4.25%. They do not provide the heat to the tenants. The rent increase will be effective for the annual leases beginning on October 1, 2023, November 1, 2023, December 1, 2023, January 1, 2024, February 1, 2024 and March 1, 2024. In reviewing this application, we found a complete application without any issues or discrepancies.
Motion to approve the application Tremer/Cicalese yes: M. Cicalese, R. Tremer, E. Cialkowski, D. Di Capua, W. Boyce, J. Sullivan
Application-GM Prospect Pointe, CPI Rent Increase-2023-2024 Attorney Greg Greenberg, representative
Caryn Hughes was sworn in.
Mr. Memoli stated that the applicant is entitled to a maximum CPI increase of 4.25%, plus an additional 1.5% for heat provided, the total CPI Increase would be 5.75%. The increase is effective for annual leases beginning on November 1, 2023, through April 1, 2024, respectively. In reviewing this application, we found a complete application without any issues or discrepancies.
Public comments:
Resident Jeffrey Brown was sworn in. He stated that he lives in Prospect Points apartment Complex. He has lived there for 25 years. He had watched the rent year after year go up. He said that with this rent increase, he would be paying approximately twice what he was paying when he moved in. He states that Prospect Point is asking for a 5.75% CPI increase. Last year he believes it was the same thing. The residents think Prospect Points is asking for too much and it should be lowered.
Mr. Chairman stated that under the Township Ordinance, the applicant is allowed a minimum increase of 4.25% or CPI, which is lower. Since CPI is over 4.25% they are capped at 4.25% on increase in CPI. That is what is in the Ordinance for that Rent control, otherwise, the applicants would be charging what they want.