How Will State Wide Rent Control Impact Rentals?
Oregon has the distinction of becoming the first state in the United States to pass state wide rent control. California attempted to do this last fall, but it failed at the ballot box. Several large American cities, such as New York, have rent control laws, but no state until now.
The law as written will limit the rent increase in to 7% above the annual change in the consumer price index. It also prohibits landlords from terminating month-to-month leases without cause after 12 months of occupancy. There is an exception to this last - for those tenants who receive three lease violations within a 12 month period and the landlord provides them written notice within 90 days.
How this new law will impact tenants and landlords remains to be seen with experts on both sides of the law split on their predictions. Within our brokerage, we have already heard of landlords selling their rentals due to the new law and potential buyers of investment property deciding to purchase in other states. The fear is the need to raise a rent above the cap due to needed repairs or changes in the economy will result in deferred maintenance and fewer rental units being built.
Landlords have no time to study the impacts of the law as there is no grace period to implement the changes; landlords could find themselves in violation today.
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