PORTLAND, Ore. (AP) – State economists announced Wednesday that rent increases will be capped at 9.9% through 2020, the first full year Oregon’s new rent control law will be in effect.
The Oregonian/OregonLive reports the Oregon Legislature this year passed Senate Bill 608, which imposed the nation’s first statewide rent control policy.
The law caps rent increases at 7% plus the rate of inflation for the urban West. For 2019, that number came to 10.3%.
Not all rentals are subject to the policy. The rent cap doesn’t apply to buildings that are less than 15 years old which is an attempt to avoid a damper on housing construction – nor to government-subsidized rents. Landlords may raise rent without any cap if tenants leave of their own accord.
Typical rents across Oregon are rising at a far slower rate than what’s allowed under the cap.