This office lease provision states that Base Rent shall be $25.50 per rentable square foot. During the Renewal Term, Base Rent shall be increased by the change, if any, in the Consumer Price Index. In no event will the Renewal Rental Rate be less than the Base Rent.
Oregon Provision Calculating the Rent Increase
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How to fill out Provision Calculating The Rent Increase?
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FAQ
SB 608 limits the percentage in which a landlord may increase the cost of rent in any 12-month period. The limitation only applies if the dwelling unit has been certified for occupancy for 15 years or longer.
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.
Because the state's housing inventory is so limited ? Oregon simply doesn't have enough units for the number of people who need them ? there are limited rental vacancies, so landlords can raise rents with few repercussions.
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%.
Multiply the original rent by the rent increase to get the monthly dollar increase. Example: $2,000 x . 031 = $62. Add the dollar amount of the increase to the original rent to get the new rent.
Limits on Rent Increases Landlords cannot raise rent more than 10% total or 5% plus the percentage change in the cost of living ? whichever is lower ? over a 12-month period.
Notices to Terminate the Tenancy To end a month-to-month tenancy during the first year of the tenancy, you must give your tenant a 30-day written notice, unless the rental unit is in the city of Portland, where 90 days' notice and payment of relocation costs is required for no-cause terminations.
