Oregon Released Maximum Rent Increase for 2021
On September 17th, the State of Oregon’s Office of Economic Analysis debuted the maximum rent increase rate for 2021 to be 9.2%. SB 608 set the maximum rent increase formula to be 7% plus the West Coast Consumer Price Index, which changes every year. For 2020 the maximum increase was 9.9%. 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 maximum 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).
The debut of this annual figure is somewhat muted by the uncertainly of the COVID-19 pandemic and the various temporary measures in place designed to stabilize renters that can change at any time.
- Oregon’s statewide eviction moratorium outlined in HB 4213 passed in June 2020
- City of Portland’s recent mandate that any rent increase effective through March 2021 may trigger their Relocation Assistance payment
- The CDC’s federal eviction moratorium in effect through December 31, 2020 covering residents who offer a written affidavit of financial hardship from the COVID-19 pandemic
This informational article is not intended to be legal advice. You will want to consult with your landlord/tenant law attorney to review options and ensure compliance with applicable law and regulations.