Forgiving Criminal History and Lower Security Deposit

[Kelvin Lee]

Screening Highlights

• City criteria would broaden approvals for people with criminal backgrounds.
• City to reduce income requirements from 3 times the rent to 2 times the rent.
• City requirement to provide individual assessments will increase cost and likely require legal opinions for denials.
• City to require a 3 day waiting period before anyone can apply once ads are live.

Deposit Highlights

• City to limit maximum deposit to 1.5 month's rent. Currently no cap.
• City to require landlords to accept deposit payments over up to 6 months. Currently paid in full at move-in.
• City to limit the term "normal wear and tear" which will substantially reduce what you can charge for at move-out.
• City to prohibit charges for cleaning at move-out.
• Forced depreciation for property damage. The rate would be 3.6% per annum over 27 years.
• Charges must include original receipts, depreciation schedules and photos, or are prohibited.
• Additional requirements will increase cost.

If passed, will you relocate your equity out of City of Portland. Or will you see this as an opportunity to raise higher rent to overcome these new ordinances. In general, how do you cope with this ever changing ordinances?