In 2023, the Oregon legislature handed Home Invoice 2004, which applied a statewide lease management measure that may take impact in 2025. This regulation limits annual lease 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 charge.
The brand new regulation is meant to assist deal with Oregon’s housing affordability disaster, which has been exacerbated by the state’s quickly rising rents. In recent times, rents in Oregon have elevated at a price that far outpaces inflation, making it more and more tough for low- and moderate-income residents to search out reasonably priced housing. The lease management measure is designed to gradual the speed of lease will increase and make it simpler for tenants to remain of their properties.
