Oregon Rent Increases Are Capped At 9.9% For 2022
The Oregon rental market has been this hard during the COVID-19 pandemic so it’s no surprise that rent increases are coming to Oregon in 2022.
Thanks to recent news from state economists, we know that rents are going to be increasing by 9.9% in 2022 and this will be just in time for many landlords who have been struggling with staying afloat financially during the Pandemic.
Sadly, rent increases are going to hit most tenants hard as incomes have been slow to catch up following a long period that’s seen many locals in the PDX area, and nationwide, lose their jobs during lockdowns are change careers due to quarantines and strict regulations.
Anticipating Rent Increases In 2022
The rent increase only applies to homes that were built 15 years ago or more. Newer homes are exempt, a carve-out intended to keep the rule from discouraging the construction of new rentals.
The state determines the rate of inflation each year using the Consumer Price Index, which measures changes in the average costs of hundreds of items that a household buys, such as food, gasoline, medicine, cars and homes.
State economist Josh Lehner said that the rent increase number is calculated based on a 12-month average. The past six months have seen a higher rate of inflation, but Lehner said that won’t be fully reflected until next year’s rent increase is calculated.
Oregon rents have climbed steadily over the past 22 years, according to state data, with annual increases fluctuating within a margin of just four percentage points. The lowest annual increase during that time period was 7.1%, in 2010. And the highest over the past two decades was 11%, in 2002 and again in 2009. The average rent increase price over that time period is about 9.3%.
Contact Rent Portland Homes – Professionals
At Rent Portland Homes – Professionals, we offer local property management that saves landlords the time, money and hassle of managing their properties themselves.
If you own rental properties in Portland Oregon, or the surrounding area, learn more about the excellent service that we can offer you by calling (503) 447-7735 or click here to connect with us online.