Oregon just became the first state in the nation to impose limits on how high landlords can raise rents
Oregon’s governor signed the first statewide rent control bill in the country.
Among the bill’s provisions is a measure restricting landlords from raising rent more than 7% above the Consumer Price Index in a 12-month period. An exception applies to buildings that have been occupied fewer than 15 years.
The bill, which passed 35-25 in the Oregon House earlier this week, also provides renters protections against no-cause evictions.
“This legislation will provide some immediate relief to Oregonians struggling to keep up with rising rents and a tight rental market,” Gov. Kate Brown said Thursday. “But it does not work alone. It will take much more to ensure that every Oregonian, in communities large and small, has access to housing choices that allow them and their families to thrive.”
According to the Bureau of Labor Statistics, the Consumer Price Index for all urban consumers in the West Region, rose 2.7% over the past 12 months. That rate would mean that rent increases in Oregon would cap at just under 10% this year.
The median home price in Portland, Oregon is $426,300, according to Zillow, and the website predicts prices will rise another 3.1% within the next year. Zillow reports Portland’s median rent price is $1,950.
By contrast, the site reports the US median home value is $225,300, and the median rent price nationally is $1,600.