Oregon sets 2024 rent increase cap at 10%; new NeighborImpact, city of Bend program offers rent, mortgage help
SALEM, Ore. (KTVZ) -- The Oregon Department of Administrative Services this week published the annual maximum rent increase allowed by statute for calendar year 2024. The DAS Office of Economic Analysis has calculated the maximum percentage as 10%.
Following the passage of SB 608 in the 2019 legislative session and SB 611 in the 2023 legislative session, Oregon law requires DAS to calculate and post to its website, by September 30 of each year, the maximum annual rent increase percentage allowed by statute for the following calendar year.
Per statute, OEA calculates this amount as 7% plus the Consumer Price Index for All Urban Consumers, West Region (All Items), as most recently published by the Bureau of Labor Statistics, or 10%, whichever is lower.
The allowable rent increase percentage for the 2024 calendar year is 10.0%. The allowable rent increase percentage for the previous year, 2023, was 14.6% if the increase was issued before July 6, or 10.0% if issued after July 6.
DAS will calculate and post the percentage for the 2025 calendar year by Sept. 30, 2024.
Information about the maximum annual rent increase percentage, as well as the provisions of ORS 90.323 and 90.600 (statutes governing rent increases), can be found on the OEA website.
For information on the law, please see the full text of SB 608 and SB 611 at the link below. DAS does not provide legal advice regarding other provisions of SB 608 and SB 611.
Links:
- Full text of SB 608: http://olis.leg.state.or.us/liz/2019R1/Downloads/MeasureDocument/SB608/Enrolled
- Full text of SB 611: https://olis.oregonlegislature.gov/liz/2023R1/Downloads/MeasureDocument/SB611/Enrolled
- OEA website: https://www.oregon.gov/das/OEA/Pages/Rent-stabilization.aspx
Meanwhile, NeighborImpact announced Tuesday it has a new program that can help Bend residents who are struggling to pay their rent or mortgage.
The City of Bend Housing Assistance Program can make rent and mortgage payments for households with income at or below 80 percent of the area median income. Program participants also receive access to financial mentoring via an online workshop on managing housing expenses as well as one-on-one coaching with a financial counselor.
Funding for the program comes from City of Bend and includes $90,000 toward housing payments. Income limits vary by household size, see below for details. Qualified applicants must live within Bend City limits and live in the home as their primary residence.
To apply, visit www.neighborimpact.org/bha or pick up an application at NeighborImpact’s Bend Office. Applications will be reviewed on a first-come, first-served basis when complete with all necessary supporting documents.
About NeighborImpact: NeighborImpact is a private non-profit governed by a board of directors drawn from across the community. Since 1985, NeighborImpact has led the region in developing solutions and bringing resources to Crook, Deschutes and Jefferson counties and the Confederated Tribes of Warm Springs. We help meet the basic needs of Central Oregonians, build economic security and create a community where everyone thrives. NeighborImpact receives federal, state and local grants, foundation grants and donations from individuals and businesses in our community. To learn more about NeighborImpact please visit www.neighborimpact.org.
