Oregon Rental Laws have changed in recent years, making renters and homeowners subject to new laws and rules. As such, it is helpful to be informed of new regulations.
Rental Market Overview
It’s 2020 and the rental market, on the whole, is softer than it was 3-5 years ago. Within the last 2 years specifically, there has been a surge in inventory and much greater apartment availability. But building has slowed recently, most likely due to inclusionary zoning and the high fees attributed to new construction. This could lead to a shortage in properties in 2-3 years’ time.
This uncertainty is due largely in part to Inclusionary zoning. According to the Portland.gov website, the city of Portland has “identified the need for a minimum of 23,000 additional housing units to serve low and moderate-income households. The Inclusionary Housing program is designed to help meet this need, working to preserve economically diverse neighborhoods and housing affordability.” Due to this demand, and in addition to others seeking housing, there may be steep competition in terms of inventory.
The City of Portland recently issued another law that directly addresses relocation fees. It states that if someone owns a home and is leasing it out, even if the lease is ending soon, and the owner warns the tenant, the property owner is still required by law to pay relocation fee that could range anywhere from $2900 to $4500 depending on the number of bedrooms. This is a big deal since a lot of renting homeowners don’t have high profit margins on their rentals, sometimes putting them in a bind financially.
Rent Control Laws
Oregon passed a new state-wide rent control law that limits the amount homeowners can raise rents. As it stands right now, rent can only be raised once per year and at a maximum of 5.5% statewide and 9.9% in Portland. This law was introduced to protect renters, but it’s putting fear in some homeowners who rent out their properties, which is causing them to increase their rates.
Raising House Prices
As Portland continues to grow both in physical size and population, housing prices have also increased. What was once a reliable source of income for homeowners is now becoming less and less certain. For example, if a homeowner has a $500k house with a monthly mortgage of $2,700, renting it at that price is unlikely to be successful due to the number and variety of affordable apartments on the market. This points to a general shift in fewer homes being rented and instead, more apartment rentals. As a result, owning a rental property is not as profitable as it once was.
The Good News
There is some silver lining in the midst of all of this. Rent prices have leveled off and are not experiencing the increases they once were. As 2020 begins, Portland still boasts a strong housing inventory, with new developments on the horizon. And as a final glimmer of hope, Portland remains the most affordable major city on the west coast.
Stretching across an impressive 16.27 acres, the stunning Peninsula Park came into existence nearly 110 years ago and has since been a sought-after attraction for locals and visitors alike. One of TripAdvisor’s Top 30 locations to Visit in Portland, it is home to an outstanding community center and Portland’s first public rose garden.
History of the park
A joint effort by designer and horticulturalist Emanuel Mische and architects John Charles Olmsted, Ellis Lawrence and Ormond R. Bean, the rose garden was designed and constructed in an attempt to transform the site’s former roadhouse and ad-hoc horse racetrack into a 16-acre park, deriving influence from Italian architecture. Intended as a multi-use space, this park includes accessible picnic areas, basketball and tennis courts, an iconic fountain, horseshoe pit, soccer and softball field, plaza, splash pad, and statue art, and can be reserved for weddings and other special events.
Rose garden beginnings
French culture was infused into Portland with the introduction of the hybrid tea rose known as Madame Caroline Testout, a large pink variety of roses originating in France. Eventually, thousands of rose bushes were planted, priming Portland to be dubbed the City of Roses as early as 1888. Mische spearheaded the rose garden in Peninsula Park, generating visions for a two acre sunken rose garden and plenty of Testouts, which eventually became the official rose of Portland in the early 1900s.
Features to be proud of
The garden proudly boasts 5,700 roses of 75 varieties and features a strolling garden and iconic old fountain, all of which were constructed in 1913 and remain today. In the years following its opening, the rose garden attracted 300,000 visitors annually, more than the population of Portland at the time. For four years, the park served as the location for the annual rose show, until being changed to the International Rose Test Garden in Washington Park in 1917. The roses are typically in full bloom from May to September, so if you’re in the area and looking to enjoy a magnificent display of roses during late spring and early summer, look no further than Peninsula Park.
Activities in the park and reasons to visit
Beyond the natural beauty the park possesses, you’ll find activities for all ages at the park. The park holds free concerts every summer, and hosts adult and child dance classes, music classes, gymnastics, basketball and baseball camps, youth camps, yoga, and more year-round. Rest assured, the Park is always being cared for with the generous support of volunteers and local donors. In 2013, 3,000 new roses were planted in the rose garden in an effort to resist disease, while also staying true to Mische’s original vision. The community center at Peninsula Park celebrated their centennial in 2013, and continues to thrive with the bustle of community members and curious visitors.
Where to find more information
For more information on North Portland’s Peninsula Park or any other park in Portland, email email@example.com, call 503.275.8355, or pay a visit to the Information Center at Pioneer Courthouse Square off Sixth Avenue in downtown Portland.
Portland is at the forefront of innovation that aims to reduce our impact on the earth’s environment. At the beginning of the year, a new home energy score law went into effect for all of the single-family homes (including townhouses and some condos) in the city’s boundaries. If you’re selling your home, the new energy score law will affect you! Find out what you need to do. Continue reading “What You Need to Know About Portland’s New Home Energy Score”
Thinking about moving to Portland? It’s a pretty great—and very unique—place. We think you’ll love it! Here’s what to expect if you’re coming to Portland. Continue reading “What You Need to Know if You’re Moving to Portland”