On Tuesday February 26th, 2019 the Oregon House passed Senate Bill 608 The vote of 35-25 passes this bill in both chambers with the backing of Democratic Leaders in both houses. The Bill now heads to Gov Kate Brown where her signature is expected and takes emergency effect once signed.
With Brown’s signature, Oregon becomes the first state to enact a statewide rent control program. Only local programs exist in other states.
The bill will cap annual rent increases to 7 percent plus inflation throughout the state. There are exceptions such as new construction for 15 years, and landlords would be free to raise rent without any cap if renters leave of their own accord. Subsidized rent would also be exempt.
Now more than ever, it is critical to hire a good Property Manager. Call us if you have any questions.