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The lease will spell out the rights of both parties to end a lease agreement by expiration, termination with advance notice from either party, or eviction. Similar to the lease term, early termination is not regulated by Oregon law and is often settled by both parties through negotiation.
There are different types of leases, but the most common types are absolute net lease, triple net lease, modified gross lease, and full-service lease. Tenants and proprietors need to understand them fully before signing a lease agreement.
Yes. The landlord must provide notice of any rent increases for all tenancies at least 90 days (other than week-to-week tenancies as provided above) prior to the effective date of the increase.
Rent cannot be increased during any 12-month period above the existing rent in an amount greater than 7% plus the consumer price index from the previous calendar year.
The allowable annual rent increase in 2024 is 10.0%. Only one rent increase may be issued in any 12-month period. The allowable rent increase percentage for the previous year, 2023, was 14.6% if the increase was issued before July 6th, or 10.0% if issued after July 6.
Under the new laws, renters have important rights that can help protect from eviction because of nonpayment of rent, fees, or other money owed to a landlord. These new rights include: Termination notices for nonpayment of rent must give at least 10 days for renters to pay the late rent and stay in their homes.
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 2022 the maximum increase was 9.9%. Beginning January 1, 2023, rent increases going into effect for Oregon residents may not exceed 14.6%.
No, Oregon Lease Agreements do not need to be notarized. As long as the Lease is signed by both parties it's considered fully enforceable and legally binding.