Lawmakers are getting ready for next month’s session, when housing expenses will once again be a major topic of discussion. Regretfully, it appears that several of the alternatives being discussed have overlooked the most crucial query: Why are rents increasing?
It’s easy to respond to. Consider the following reasons why many homeowners’ costs have increased: rising property taxes; rising rates for gas, electricity, water, and sewers; and growing insurance premiums. Owners of rental properties are also affected by all of these. Due to staff wage hikes and inflation, even managing rental homes has become more costly.
But that’s not all. State laws and local fines have also increased. Gresham and Happy Valley, respectively, enacted significant increases in inspection fees per unit and new public safety levies.
Owners of rental properties cannot just afford these charges. They are forced to charge tenants for these rising operating expenses.
Regretfully, lawmakers are thinking about enacting new regulations or further reducing the cap on rent increases in order to combat rising rent, which would only increase expenses for housing providers. There would be fewer flats available for renters as a result of this, as more people would leave the rental industry.
Oregon is at a turning point. We run the risk of making the issues we’re attempting to resolve worse if we keep concentrating only on the signs of growing rents without tackling the underlying causes.
A new strategy is needed, one that places an emphasis on cooperation, openness, and a common goal of building a sustainable housing future for all Oregonians.
Fisher, Gary
Fisher is the executive director of Multifamily NW, a Tigard-based organization that advocates for managers and owners of rental properties.
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