In 2023, the Oregon legislature handed Home Invoice 2004, which carried out a statewide hire management measure that may take impact in 2025. This legislation limits annual hire will increase to 7% plus inflation, or a most of 10%. It additionally prohibits no-cause evictions and permits tenants to terminate their lease early if they supply 30 days’ discover and pay a $1,200 payment.
The brand new legislation is meant to assist deal with Oregon’s housing affordability disaster, which has been exacerbated by the state’s quickly rising rents. Lately, rents in Oregon have elevated at a fee that far outpaces inflation, making it more and more tough for low- and moderate-income residents to search out inexpensive housing. The hire management measure is designed to sluggish the speed of hire will increase and make it simpler for tenants to remain of their properties.
