On September 13, the State of Oregon's Office of Economic Analysis debuted the maximum rent increase rate for 2023 to be 14.6%. SB 608 set the maximum rent increase formula to be 7% plus the West Coast Consumer Price Index, which changes every year. For 2022 the maximum increase was 9.9%.

Once SB 608 passed in February of 2019 ushering in the first in the nation statewide rent control, it mandated that the state of Oregon create a web page and update it yearly by the end of September, to display the annual maximum rent increase allowed in Oregon.  The Oregon Rent Stabilization website is:

https://www.oregon.gov/das/OEA/Pages/Rent-stabilization.aspx

Rent increases going into effect for Oregon residents in 2023 must not be more than 14.6% as set forth in the Oregon Residential Landlord Tenant Act related to rent control. This applies statewide, including in the City of Portland. If a rental housing provider happens to increase the rent above maximum amount allowed, SB 608 specifies a penalty of 3 months’ rent, actual damages sustained by the tenant, and potential attorney fees and legal costs.

Please remember that there are limited exemptions to the rent cap for affordable housing providers and for new construction. Housing providers should not increase rent more than 14.6% without consulting with their attorneys about exemptions and how to implement.

This informational notice is not intended as legal advice. Please call your local Association Helpline if you have questions or contact an attorney for any policy change or decisions regarding residential and commercial Landlord-Tenant matters.