September 27, 2019 Comments Off on Oregon’s Rent Increases Capped at 9.9% Through 2020 Views: 647 Pacific Northwest, Portland, Seattle & Pacific Northwest News, Top Seattle

Oregon’s Rent Increases Capped at 9.9% Through 2020

Oregon’s new rent control law will cap rent increases at 9.9% through 2020, according to state economists at the Oregon Department of Administrative Services. The legislature passed Senate Bill 608 earlier this year, and 2020 will be the first full year when the new law is in effect.

Rent increases are capped at 7% plus the rate of inflation for the urban West. Next year’s cap is down from 2019 when it was 10.3%.

Buildings less than 15 years old are exempt from the cap, which lawmakers envisioned as a way to keep new projects moving forward. It doesn’t apply to government-subsidized rents. The cap wouldn’t apply if a tenant vacates a unit on their own accord either. Analysts say, Oregon rents tend to rise at far slower rates than what’s allowed under the rent cap.

*Pictured Portland skyline

Download Oregon Department of Administrative Services Report

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