2024 Oregon Maximum Rent Increase is 10%

On September 26, the State of Oregon's Office of Economic Analysis announced the maximum rent increase rate for 2024 to be 10%.

Passed in February of 2019, SB 608 set the maximum rent increase formula to be 7% plus the West Coast Consumer Price Index, which changes every year. For 2023 the maximum increase was 14.6% before legislation passed during the 2023 Session added a 10% cap to the original formula. 2023 legislation also restricted only one rent increase may be allowed during a 12-month period.

The State of Oregon displays and updates yearly the annual maximum rent increase allowed in Oregon: https://www.oregon.gov/das/OEA/Pages/Rent-stabilization.aspx

Beginning January 1, 2024, rent increases going into effect for Oregon residents may not exceed 10%. While this applies statewide, housing providers must ensure that they meet any other applicable requirements, whether set by programs or by local jurisdictions, such as the City of Portland or City of Eugene relocation ordinances. In the city of Portland, any rent increase exceeding 9.9%, may result in owing a relocation payment. In the city of Eugene, any rent increase at the maximum allowed by state law, may result in owning a relocation payment. You will want to consult with your legal counsel to confirm compliance.

Please remember that there are limited exemptions to the rent cap for affordable housing providers and for new construction. Housing Providers should not increase rent more than 10% without consulting with an attorney to ensure that an exemption applies and that all required information is included in the rent increase notice.

As housing providers already know, rental rates are influenced by nuanced factors rather than the state’s maximum allowable rent increase. Despite inflationary challenges for housing providers, most renters are not likely to receive the maximum allowed rent increase because for many properties it’s more than the market can bear. Rent rates are influenced in a far greater way by the costs of providing housing, which include property taxes, wages, repairs, maintenance, and utilities. These items have consistently risen year over year by multiple percentage points.