IMG Northwest attended the Multifamily NW Senate Bill 608 Update luncheon on Wednesday, March 20th, 2019 at the Multnomah Athletic Club in Portland. The luncheon addressed the details of new rent increase restrictions and termination notice requirements that are now a reality in Oregon. Property managers and owners in attendance peppered presenter Marcel Gesmundo with questions on the application of these complex measures..
Lindsey Zehel, Advisor at IMG Northwest, said about the educational event, “My subsequent calls and conversations with multifamily investors and owners shed light on the immediate concerns on owners’ minds.” Given the threat of steep penalties for violation of the new requirements, landlords are diligently focused on proper implementation and paperwork.
New timing and delivery requirements for lease renewals, warning notice, and terminations were discussed during the luncheon. Rent control exceptions were also reviewed. Questions on SB 608’s affect on Portland’s Relocation Ordinance remain unanswered.
To better understand SB 608’s potential long term impact on property value, or to receive a complimentary real estate portfolio review, apartment owners are encouraged to call IMG Northwest Advisors at (971) 888-4010. For more on Multifamily NW’s upcoming educational offerings, click here.