Every year renters should expect some sort of rental increase from their landlord. But how much exactly? Tenants may not be so thrilled to get their rental increase for 2022 her’s why.
Every September the Oregon’s Office of Economic Analysis sends out the maximum allowable rental increase for the following year. SB 608, which was passed in February 2019, created an increase formula of 7% plus the consumer price index. Click here for more information on SB 608.
Last year’s maximum increase was 9.2% (7% plus 2.2%CPI). Landlords next year will be able to increase rent with a maximum of 9.9% for 2022. If you are a homeowner and manage your property yourself but don’t know the laws behind increases be careful!!
Landlords need to take extreme caution with increasing rent. If a rental increase is larger than 9.9% or is issued incorrectly the landlord will face huge legal matters. SB 608 has specific penalties for landlords who do not comply with these new regulations. Should the landlord increase rent above 9.9% they could be fined up to 3 times the rental amount, actual damages sustained by the tenant, and potential attorney fees and legal costs. There are also special limitations on affordable housing and new construction.
If you are NOT working with Asurent Property Management, and you are receiving our newsletter please consider calling us and getting onboard with management . Our team is extremely knowledgeable about the new laws and regulations. Asurents team is always studying and educating each other on new laws and regulations. If you are sick of not knowing all the news laws and aren’t sure where do look let Asurent help you. We are here to help you in every way we can.
Call us today for more rental income and less rental stress. (541) 816-4140