Oregon state rent increase and minimum wage -- what are the stats?

Apartment building with a dreary sky.Photo bySean BeneshonUnsplash

If you live in Oregon right now and rent, you know that the price of rent is sky high. Did you have a rental increase yet this year? You just may and the amount it can legally go up is higher than in previous years.

Rental rates increases in Oregon state can be no more than 14.6% in 2023. Previously in 2022, the maximum increase could only be 9.9%. In other words, due to rising costs you can expect your rent to go up by quite a bit if it hasn't already.

In 2021 the Oregon rent price increase was capped at 9.2%. It's clear that the stability of the economy is needed because if they increase it by the same amount or more next year without wages increasing enough to cover the extra, many families will have a lot of trouble keeping up.

If you rent in Oregon for $1,000 a month, if who you rent from wants they can increase the rent in 2023 by $146. If that isn't bad enough, many other companies are making prices substantially higher, making it harder than ever for families to stay afloat.

Minimum wage in Oregon did go up this year 70 cents. There is a 3 tier system in Oregon which allows minimum wage to be lower in rural areas and higher in cities like Portland. Currently, the lowest wage in a rural areas is typically $13.20, a dollar less than the baseline at $14.20 an hour.

The federal minimum wage is still $7.25 an hour, so at least Oregon doesn't have companies that stick to that or everyone would really be in trouble. Wages generally don't keep up with inflation, causing a homelessness issue in many Oregon cities that continues to get worse.

What do you think about the rent going up by so much in Oregon this year? Please speak your mind in the comments and we'll see what happens when they decide on the increases in the next year.