Oregon released maximum rent increase for 2020
On September 25th the State of Oregon’s Office of Economic Analysis debuted the maximum rent increase rate for 2020 to be 9.9%. SB 608 set the maximum rent increase formula to be 7% plus the West Coast Consumer Price Index, which changes every year. For 2019 the maximum increase was 10.3%.
Once SB 608 passed in February of 2019 ushering in the first in the nation statewide rent control, it mandated that the state of Oregon create a webpage and update it yearly by the end of September, to display the annual maximum rent increase allowed in Oregon: https://www.oregon.gov/das/OEA/Pages/Rent-stabilization.aspx
If a rental housing provider happens to increase the rent above maximum amount allowed, SB 608 specifies a penalty of 3 months’ rent, actual damages sustained by the tenant, and potential attorney fees and legal costs.
The only exemptions to this maxium rent increase limit are:
- Properties with a certificate of occupancy less than 15 years old, or
- Properties providing reduced rent to the tenant as part of any federal, state or local program or subsidy (Section 8 Housing Choice Vouchers not applicable).
Multifamily NW offers many resources to help with compliance to the law changes. Review our primer of SB 608. Connect with a Multifamily NW member landlord/tenant law attorney. Utilize the continually updated Multifamily NW Forms Collection containing the M011 Notice of Rent/Monthly Charges Increase, M065 Renewal Offer/Rent Increase Notice. Questions? Please contact the association at email@example.com.