Q: I'm closing on a 4-plex. I need to raise rents 33% higher to pay the mortgage and to be similar to others in the area.
Currently the tenants are on a month to month. I will be the new owner in five weeks. I could easily replace each tenant, even with the higher rate. Is this legal and if so, what are the best steps to do this? Thanks!
A: There is no rent control in Oregon and a landlord is free to raise rent however much they wish as long as it is done in good faith. You must give at least 90 days advanced written notice to the tenants, the question being whether you can issue such a notice before owning the properties - and that answer is likely to be very fact specific to your case. Easiest if the current owner-landlord gives the notice now, if they are willing. IF it is within Portland City limits, then you might have more hoops to jump through and perhaps would owe the existing tenants relocation assistance payments. Questions? Review things with a landlord-tenant attorney. Good luck.
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