PORTLAND, Ore. — Landlords will be allowed to raise rent up to 10% in 2024, the Oregon Department of Administrative Services (DAS) announced Tuesday.
The maximum rent increase of 10% matches the highest percentage allowed under a new law signed by Oregon Gov. Tina Kotek in July, which mandated an upper limit of 10% for all residential rent increases.
In 2023, Oregon's rent hike cap was set at 14.6%, a higher number than many expected, until Kotek signed Senate Bill 611 into law on July 6. The bill included an emergency clause, so it took effect immediately, meaning rent hikes after July 6 were limited to 10%. The bill was not retroactive, so any rent hikes higher than 10% that were set before July 6 remained in place.
Senate Bill 611 was an update to Oregon's rent control law, which was originally enacted in 2019. The old version of the law limits rented hikes to once per year and capped the size of those hikes to 7% plus the annual change in the consumer price index — in other words, 7% plus inflation.
But just like the rest of the U.S., Oregon saw extremely high inflation in 2022, resulting in a rent hike cap of 14.6% for 2023 — high enough to give Oregon lawmakers sticker shock. Senate Bill 611 adjusted the 2019 formula by adding a new hard cap of 10% to the rent hike limit.
Bills passed in Oregon typically don't take effect until Jan. 1 of the following year, but SB 611 included an emergency clause, which means it took effect as soon as the governor signed it.
