In the last couple years, renters have become extremely discouraged with the constantly rising rental prices, for even the smallest places. It seems close to impossible for some to rent here in Central Oregon, let alone own their own homes. That being said, recently, a Senate Bill was passed in Oregon, affecting landlords as well as tenants. Some changes include: Eviction Standards, Annual Rent Increase, and Month to Month Tenancies.
Senate Bill 608 sets the maximum that a landlord may increase a tenant’s rent at 7% plus consumer price index (CPI) during a 12-month period. This unprecedented statewide cap applies to month-to-month and fixed-term tenancies, with exceptions for new construction and regulated affordable housing. At the beginning of a new tenancy a landlord may re-set to market rent.
In addition to restrictions on a landlord’s ability to increase rent, Senate Bill 608 restricts a Landlord’s ability to terminate both month-to-month and fixed-term tenancies. After the first 12 months of occupancy a landlord may only terminate a month-to-month tenancy for cause, either tenant-based or landlord-based. If terminating a tenancy for a landlord-based cause, the landlord must give a tenant 90 days’ notice and provide relocation assistance in the amount equal to one month’s rent. Landlords with four or fewer units are exempt from paying relocation expenses. SB 608 further provides that a fixed term tenancy automatically converts to a month-to-month tenancy if not renewed or terminated. To read more, click HERE. Info provided by Equity Advantage,
To read more, and see some frequently asked questions and answers, click HERE. Info from The Oregon Association of Realtors.
We hope this provided some more info, whether you rent or own, or are thinking of owning your own Home.
The Jones Group