Oregon officials set rent increase cap for 2023
Officials said Tuesday that Oregon landlords can raise rents by as much as 14.6% next year under a statewide rent control policy.
That’s a nearly 5 percentage point jump from 9.9% this year. The allowable increase is pegged to inflation and calculated annually by the Office of Economic Analysis using the the Consumer Price Index, which tracks the changes in the costs of hundreds of household items like food and medicine, as well as gas, homes and cars.
This year, the U.S. economy has seen the fastest inflation in 40 years, said state economist Josh Lehner.
It’s not clear how many landlords will raise rents by the maximum allowable amount. But it comes as Oregon renters may find themselves with little choice, Lehner sid.
Because there’s little vacant rental housing, Lehner said, many tenants will likely be stuck whatever landlords ask. Others may end up sharing space with family or roommates.