New Oregon law limits rent increases to 10% in 2024

(SEPTEMBER 29, 2023) Starting next year, renters in Oregon will have some relief from rising rents as a new law comes into effect. Landlords in the state will not be able to raise rents by more than 10%. This rule applies to older market-rate housing. That includes housing without government assistance and is 15 years or older. The state government hopes that the new law will help people with the high cost of housing in Oregon.

The law is known as Senate Bill 611. It was passed by lawmakers to address the problem of high rent increases. The law limits how much landlords can raise rents. It also makes sure they can't increase rents more than once in a year. 

Inflation played a big part in the need for this new law. (According to Cambridge Learner's Dictionary, inflation is "the rate at which prices increase, or a continuing increase in prices.") Without this law, rent increases for the next year could have gone up by 12.6%, mainly due to high inflation. However, it's important to remember that the new law doesn't cover newer apartments. This means that some renters might still face bigger rent hikes.