Mastering Real Estate & Note Investing

As of Feb. 28 Oregon caps rent increases and bans no-cause evictions for many, reshaping the state’s housing market for years to come.

Landlords will be limited to when they can issue eviction notices after the first year of tenancy.

Landlords can only raise rents once a year for tenants, and when they do, with some exceptions rent increases are capped at 7 percent plus the yearly change in the consumer price index.

The law largely does away with no-cause evictions, except during the first year of tenancy. In that first year, landlords have to give 30 days’ written notice for eviction.

After the first year, landlords can end month-to-month rental agreements with 90 days’ notice for a “qualifying landlord reason,” which includes:

  • Planning to demolish the unit or convert it to non-residential use in “a reasonable time.” (SB 608 doesn’t define how long is “reasonable.”)
  • Planning to repair or renovate the unit, again in “a reasonable time.” In this case, the property has to be unfit or unsafe for someone to live there.
  • The landlord or their immediate family — such as children, grandchildren or spouse — planning to live in the unit, when the landlord doesn’t own a similar unit in the same building they could move into.
  • The landlord has agreed to sell the unit to someone who plans “in good faith” to live there. They also have to provide evidence of the planned sale, along with notice, no more than 120 days from the day they strike a deal with a buyer.

If a landlord ends the rental agreement, they have to outline the “qualifying reason” in the termination notice and give “supporting facts.” The landlord also has to pay the renter an amount equaling one month’s rent when they deliver the termination notice — again, should they have a “qualifying reason.”

Landlords who manage four or fewer units are exempt from the requirement to pay a month’s rent.

READ MORE: https://www.statesmanjournal.com/story/news/2019/02/28/what-tenants-landlords-need-know-oregons-rent-control-law/3010007002/

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