How Portland’s FAIR May Affect Lane County
Oregon is now getting its first taste of statewide rent control laws, but more could be coming. Portland has new ordinances governing tenant screening and rental application processing ready to go into effect in March 2020. Learn about those rules and their potential impact, and why Lane County investors may have to contend with them in the future.
What You Will Learn in Episode 3:
- Fair Access in Renting (FAIR), which is set to go into effect in Portland in March 2020
- The issues apartment owners will likely have with FAIR’s impact:
- 72-hour notice before taking first application
- Processing one application at a time (which means elimination of open houses for rentals)
- The need to explain why you have denied an application
- Tenants will only have to earn two times the monthly rental amount to be considered
- Changes in the credit score that landlords can require for tenants to rent their properties
- The importance of using the Housing Bureau’s rules for screening out applicants
- The need for multifamily owners to keep good records and save them
Apartment investors in Lane County should keep an eye on the new laws (known as FAIR) set to take effect in Portland in March 2020 and their effects. What happens In Portland often becomes law statewide within 12 months. These new laws in Portland will have a profound impact on tenants and landlords alike. As a multifamily owner, it’s critical to stay informed.
Learn more about the opportunities available to capitalize on the current disruptions in the Oregon multifamily market
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