Rent control in Oregon...thoughts???

Rental Property Investor · Anchorage AK... Grants Pass OR...... Scottsdale, AZ · Member since 2018 · 37 posts · 18 votes

I own several rental properties in Southern Oregon....I’m very frustrated with the passage of Senate Bill 608. Any other investors input on this and are you going to still invest in Oregon? I know the area well so it’s tempting to buy more but now I’m not so sure.

0 Reply

57 views

Most Popular Reply

Steve Vaughan

Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes

With an extremely generous rate increase cap of 7% per year, I'd say you could've done much worse and avoided a real nightmare bullet that would've come later and been much worse. Congratulate and thank your LL and Apt Associations for lobbying on your behalf. They wanted a cap closer to 3% I'm sure.

7% is being able to say there is rent control when there actually isn't!

9 Reply

See this reply in the discussion

45 Replies

Jump to latestLatest

Sort by

Jennifer Darby
OP
Rental Property Investor · Anchorage AK... Grants Pass OR...... Scottsdale, AZ · Member since 2018 · 37 posts · 18 votes
7y
@Patrick M. well before the bill there was “no cause eviction” and now there are so many regulations...I believe in a free market and this bill is the antithesis of that.
0 Reply
Patrick M.
Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
7y
You can believe in the Easter Bunny as well as a free market system, neither of them exist in the US.
Again- as legislation goes, this is milk toast. If this is causing people’s business to fail- then it has got nothing to do with the legislation.
2 Reply
Jennifer Darby
OP
Rental Property Investor · Anchorage AK... Grants Pass OR...... Scottsdale, AZ · Member since 2018 · 37 posts · 18 votes
7y
@Patrick M. you manage 2 units so with all your experience I’ll take your advice 🙄
0 Reply
Patrick M.
Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
7y
2 buildings, 9 units. Not giving advice- my opinion.
0 Reply
Travis Watson
Property Manager · Portland, OR · Member since 2015 · 23 posts · 10 votes
7y
@Jennifer Darby
(C) The landlord has a qualifying reason for termination and gives notice as specified in
subsections (5) to (7) of this section.
5- (b) The landlord intends to undertake repairs or renovations to the dwelling unit within
a reasonable time.
As stated earlier, this current bill is simply placating to the masses and isn't, in its current form (as I read it at least) an issue for landlords to terminate leases. There's still many ways for landlords to remove tenants after the leases transition to m2m.
1 Reply
Jennifer Darby
OP
Rental Property Investor · Anchorage AK... Grants Pass OR...... Scottsdale, AZ · Member since 2018 · 37 posts · 18 votes
7y
@Travis Watson I’m just frustrated in general by this bill and also having to pay one months rent to a tenant i give 90 days notice to...that’s ludicrous.
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Jennifer Darby:

@Travis Watson I’m just frustrated in general by this bill and also having to pay one months rent to a tenant i give 90 days notice to...that’s ludicrous.
one month is peanuts.. some areas of the country its 20 to 50k to remove a tenant.. count your blessings.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
1 Reply
Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
7y
@Jennifer Darby One reason I have mine on yearly leases (I'm not in Oregon) is because if I decide to sell, I can simply not renew their lease. If you had a lease and want to sell, would you still have to pay to get them out under the OR legislation?
0 Reply
Wesley W.
Rental Property Investor · The Vampire State · Member since 2013 · 2k+ posts · 2k+ votes
7y
@Jennifer Darby
Vote with your feet. When there is no one left in Oregon to provide housing to the "downtrodden" they will have to reevaluate their stance. The same thing is happening here in NY. Upstate NY is hemorrhaging high-earning tax payers to places south of the Mason-Dixon line. This is just a version of the "bigger fool" theory playing out. Don't be the one stuck holding the bag. Go where the government appreciates your business.
1 Reply
Jennifer Darby
OP
Rental Property Investor · Anchorage AK... Grants Pass OR...... Scottsdale, AZ · Member since 2018 · 37 posts · 18 votes
7y
@Jay Hinrichs i understand what you are saying but before this law I’d pay nothing...so I’m not counting my blessings...I’m mad that people are making these laws when it is my properties and I shouldn’t have to pay them anything if I want them out.
1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Jennifer Darby:

@Jay Hinrichs i understand what you are saying but before this law I’d pay nothing...so I’m not counting my blessings...I’m mad that people are making these laws when it is my properties and I shouldn’t have to pay them anything if I want them out.
no argument from me.. being a developer for most of my career we are constantly dealing with changing codes and rules and fees going up etc etc.. I am just surprised it took the states this long to jump into this..
its not like rent control is a new concept.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
0 Reply
Matt R.
Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
7y
If you check anywhere rent control has existed, values and rents are through the roof. I have yet to see this work as intended longer runs.
3 Reply
Tyler Mullen
Investor · Kirkland, WA · Member since 2017 · 310 posts · 271 votes
7y
@Greg M. To the extent the average annual increase is less than 7% now... this Increases the chance, if LL at all thinks possible for their specific property, that rents will be raised the max annually for fear that future allowable increases will be less.
Politicians will in 3-5 years use the “last 5 years of 7% annual rent increases!” As evidence of gouging from these evil investors, then will call to lower the limit to 3% or less.
0 Reply
Jennifer Darby
OP
Rental Property Investor · Anchorage AK... Grants Pass OR...... Scottsdale, AZ · Member since 2018 · 37 posts · 18 votes
7y
@Tyler Mullen exactly!!!
0 Reply
Johann Jells
Rental Property Investor · Jersey City, NJ · Member since 2011 · 1k+ posts · 876 votes
7y
@Tyler Mullen If you can still rent after 5 years of 7% raises, you were seriously under market. I'm in a very strong market, and rents don't go up that fast! This hysteria about some light regulation really makes me wonder if the tenants weren't right about being abused by the landlords there. You have a long way to go to reach NJ standards, and property here is very valuable and rents are high.
0 Reply
Jennifer Darby
OP
Rental Property Investor · Anchorage AK... Grants Pass OR...... Scottsdale, AZ · Member since 2018 · 37 posts · 18 votes
7y
@Johann Jells light regulation turns into deeper regulation...once govt hands go in they don’t go out. You are just used to living in a highly regulated govt in NJ
1 Reply
Johann Jells
Rental Property Investor · Jersey City, NJ · Member since 2011 · 1k+ posts · 876 votes
7y
Originally posted by @Jennifer Darby:

@Johann Jells light regulation turns into deeper regulation...once govt hands go in they don’t go out. You are just used to living in a highly regulated govt in NJ
Thats more ideology than reality. In NYC over the past several decades there was significant weakening of rent regs.
0 Reply
Tyler Mullen
Investor · Kirkland, WA · Member since 2017 · 310 posts · 271 votes
7y
Some property values here are appreciating at +-15% annually, why should rents be limited to 7% annual increase? Should not the high rates should communicate, "build more here faster, there's lots of demand."? I don't get it, if you cap it isn't that message muted or reversed? If the limit is 7% and the market would otherwise make it 12% without a cap, then what happens?
1 Reply
Thalia G.
Member since 2018 · 80 posts · 21 votes
7y
@Jennifer Darby so now that this law has been in place for awhile how are things going.They just passed the same law here in California.
1 Reply
Amanda Sontag
Rental Property Investor · Kansas City, MO · Member since 2019 · 12 posts · 17 votes
7y
I have 2 rentals in Oregon (Eugene & Springfield) and I'm being pretty aggressive in my rent increases. Once I get them to where they need to be, I'll do annual increases to keep up. As far as continuing to invest in Oregon, I probably won't - prices are high and I don't see the cash flow. Adding the rent control makes it even less appealing to invest there.
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.