Oregon Released Maximum Rent Increase for 2022
On September 15, the State of Oregon's Office of Economic Analysis debuted the maximum rent increase rate for 2022 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 2021 the maximum increase was 9.2%.
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
Rent increases going into effect for Oregon residents in 2022 must not be more than 9.9% as set forth in the Oregon Residential Landlord Tenant Act related to rent control. This applies statewide, including in the City of Portland. 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.
Please remember that there are limited exemptions to the rent cap for affordable housing providers and for new construction. Housing providers should not increase rent more than 9.9% without consulting with their attorneys about exemptions and how to implement.
This informational article is not intended as legal advice. Please obtain advice of an attorney for any policy change or decisions regarding residential and commercial Landlord-Tenant matters.