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Portland rent board approves modest rent increase for 29 Paris Street Unit 3, denies base‑year adjustment
Summary
The Rent Board granted a narrower increase than the owner requested after finding the application did not justify changing the base year or including mortgage/debt service in the net‑operating‑income calculation. The board approved an increase of $117.08 per month after subtracting banked allowable increases.
The Portland Rent Board on May 28 approved a limited rent increase for Unit 3 at 29 Paris Street but denied the owner’s request to change the application’s base‑year calculation.
The owner, identified in the hearing as Anna (applicant/owner), had asked to raise rent on the vacant two‑bedroom, one‑bath condominium to $2,000 per month, citing a $12,000 condominium basement stabilization expense and subsequent special assessments. “In order to recover the cost and to obtain a fair rate of return, I’m requesting to raise the rent to $2,000 a month,” Anna said during the applicant’s presentation.
The board’s decision rested on two linked findings: (1) the application did not show that net operating income (NOI) in the base year was…
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