Oregon 1st State of Rent Control 2019

[Arthur Park]

Many landlords are very concerned over the effect of the new Oregon law; 608.      The Real Estate holding company I am with is now looking at what to do next in response to what we perceive could be the adverse affect of this new law.     The Law basically does two main things.  It now caps what the landlord can raise the rent to 7% plus the CPI in a 12 month period.    It is feared that that may just be the beginning of the suppression of rent increases.   Will it end up later changed to 3% or lower?    With the new CPI report it is probably going to be around a 10% cap for 2019.    But this is not our company's main worry right now.   The real worry is the new rules on Tenancy Terminations.   The Fixed Term Lease Agreement is after the 1rst year is no longer truly a Fixed Term Agreement.   I won't go into the details of this new law.    Anyone who is  looking to invest in properties in Oregon,  might want to look closely at what the potential risks for landlords now is.   The members of our company are now reviewing this law closely, and will decide when to start getting out of the Oregon rental property market.    As of now we will no longer seek to purchase additional properties in Oregon.    We believe that in the near future the new law will have a very chilling effect on the housing shortage crises in Oregon.