Constructed means a Rental Unit that has received its final
certificate of occupancy from the City’s Permitting and
Inspections Department, or its designee.
Covered unit means a Rental Unit within the City of Portland
that does not fall within a category exempted from this Article
by Section 6-231.
Current covered unit means a Covered Unit that is occupied
by a Tenant on January 1, 2021.
Discontinued covered unit means a Covered Unit that is not
occupied on January 1, 2021 and has not been registered with the
City of Portland under Section 6-151 of this Chapter.
Fair return on investment means an amount sufficient to
allow a just and reasonable rate of return, to encourage the
investment of capital in the rental housing market, to fairly
compensate investors for the risks they have assumed, and to
achieve minimum constitutionally protected standards. For the
purposes of this ordinance, a Fair return on investment must be
calculated using Maintenance of Net Operating Income methodology,
as that term is used in other jurisdictions with similar
ordinances, that presumes the net operating income the landlord
earned from a Covered unit during calendar year 2019 yielded a
fair return on investment, unless the landlord proves that
special or peculiar circumstances prevented the landlord from
receiving a fair return on investment during that period. The
Rent Board may adopt rules or regulations to ensure the fair and
consistent application of such methodology.
Landlord means an owner, manager, managing agent, sublessor,
or other person having the right to rent or sell or manage any
housing unit or rental property or any agent of these individuals
or entities.
6-97
City of Portland Buildings and Building Regulations
Code of Ordinances Chapter 6
Sec. 6-232 Rev. 11-8-2022