As a result of the passage of Senate Bill 608 in February 2019, the first year of a rent-controlled and legislatively restricted market has undoubtedly impacted the multifamily market across Oregon.

The maximum rent increase in Oregon for 2020 has been published and stands at 9.9%. This cap applies to apartments over 15 years old. The immediate impact of this legislation has shown a decrease in out of state investment, resulting in a higher proportion of in-state purchasing power. As opposed to 22% in 2018, in-state buyers make up 60% of the 2019 multifamily market investment in Oregon.

Surveys published in Multifamily NW’s Fall Apartment Report show that vacancy rates are decreasing, rent growth is slowing, and a buyer’s market is emerging.

Overall, the multifamily economy in Oregon remains stable as it returns to normal levels after the boom of the last few years. Landlords will look to remain competitive in an evolving market as more housing options come online.

If you have questions about how Energy Trust of Oregon can help differentiate your rental properties with energy efficiency upgrades, please contact Nate Collins, Multifamily trade ally coordinator, at 503.278.3075.