Oregon Rent Control, Rates Stable, Appreciation

01 March 2019

Bill Highlights

  • Landlords cannont increase rent by more than 7% + consumer price index in a 12 month period, 90 day notice required to increase rents.
  • New “for-cause” reasons to evict tenant:
    • Sale to a person who will move in
    • Landlord or family member will move in
    • Significant repair or renovation of unit that could cause safety issues
    • Removal of unit from residential use or plans to demolish home
  • If a landlord uses one of these 4 reasons they must provide 90-day notice and simotaneosly provide relocation expenses equal to 1 month’s rent.
    • If landlord has 4 or fewer rentals they do not have to pay relocation expenses
    • If landlord lives in the same property (2 units or less) they can use no-cause evictions anytime.

Rates –  the 10 year treasury note has languished in a narrow trading range since early January. We saw a minor bump higher over the last couple of days that is reflected by an increase in closing costs of 2/10 of 1% of the loan amount. If you take a longer view of the 10 Year Treasury note it looks to be forming a “pennant” pattern that can indicate volatility or an end to the calm seas we have been sailing. 

Jobs – the number people filing for unemployment for the first time ticked up slightly from the previous week and is still in a very low range. 

Appreciation – the Case Shiller Home Price index showed a year over year increase in home values of 4.7% in December which is down from 5.1% in November. An annual gain of 4.7% on a $300,000 home = a $14,100 gain in equity over 12 months. 

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