Austin Rental Market Conditions
The latest data we’ve seen according to Zillow, shows rental rates are holding steady for the most part. There were many apartment units brought onto the market in 2024, which seems to be slowing in 2025. This will theoretically stabilize the decline in rents and possibly reverse the downward trend barring changes in other economic factors or potential disruptions.
Summer Leasing Season
We are working vigilantly to get lease renewals done, and if a property is vacant, we want to get it leased as quickly as possible. Renewals in particular are good to secure as early as possible since the market continually shifts with each passing day. Whether or not renewal is an option, now is a good time to talk to your property manager and discuss the best options to get things done well in advance of a renewal or vacancy.
We’ve mentioned in the past that incentives are back in the leasing market, so considering some kind of offer proactively to attract a tenant to a vacant property or keeping them at lease renewal should be discussed with your property manager. Incentives can be offered to both new and renewing tenants. A reduced or free period of rent on a new lease is very common. With lease renewals some tenants may ask for something like cleaning the AC ducts or providing a mid-lease carpet cleaning for example, which is a small expense relative to turnover. The act of simply not, or minimally, raising the rent when offering renewal terms is also a good way to keep a tenant who doesn’t want the expense and hassle of moving. While you don’t have to offer anything, we want everyone to be aware of the increasingly competitive nature of the lease market.
As many of our clients know, we’ve recently become part of the Bay Management Group (BMG). Part of that transition included bringing our leasing process back in house with a slow transition from our former partner, Sunroom Rentals, starting in late Feb and through March. As we’ve brought in our own leasing agents and made other changes to our processes we’ve focused on elevating our client’s experience, including pre-leasing homes and reducing overall vacancy rates with more proactive leasing strategies. The data is still coming in as things settle down, so we’re keeping our finger on the pulse and our strategies will continue evolving.
Property Tax Protest Deadline
If you’re unfamiliar with the protest process in Texas we’ve put together Everything You Need to Know About Protesting Your Property Taxes where you can read about it from start to finish.
Some of our clients have contacted us about the upcoming protest season. As we transition into our new partnership with BMG we haven’t been as active in discussing the importance of the protests, and the upcoming deadline. The final day to file protests in most counties in Texas is May 15th, so if you’re not already participating, please contact our partner, Texas Protax, or set it up quickly by entering your address at this link. You can reach them with the chat feature on the bottom right of their website with any questions about the process or your existing account. There is also an email listed next to the Stone Oak logo where you can reach our internal specialist with any questions or to get pointed in the right direction.
Our clients have had great success and benefited from this partnership to keep their taxes down. If you already participate in the protest process through us and Home Tax Shield you’ll get notifications directly from them as the process hits certain milestones. If you’d like to get set up to protest this year you can use this link to get started. If you participate through us the annual fee is waived as long as you’re a client, and you’ll only pay the contingency fee if they are able to save you money on your taxes!
Thank you for your trust in us! We always welcome your feedback and questions. Please don't hesitate to contact us if you should need anything at this time.
Reminders:
Maintenance Approval Process Changes
In addition to the info below about funding repairs, we want to notify all owners that we are modifying our escalation process when we cannot reach our clients to ensure we are complying with property code requirements. In bonafide emergencies we are acting within our authority to mitigate damages, however after it has been contained or in non-emergency situations, we reach out to our clients for work authorization that is required above the limit set in the management agreement. In those cases, we now have a strict process going into effect that will have a time-based escalation if we cannot reach you. The protocol will be that if we cannot reach you by the 3rd day from when we first reached out, we will then reach out to your emergency contact who can aid us in getting authorization or contacting you. If you want to update your emergency contact on file, please contact your property manager. Keep in mind that this contact should be someone outside of your immediate household who can help us reach you or that you trust to make decisions on your behalf if you cannot be reached by them or us.
Funding Make-Readies & Maintenance for Your Property
Please note that it is Bay Property Management Group Austin 's policy that the owner has reserve funding on hand with Bay Property Management Group Austin to help us commence work faster when it comes to make-readies and maintenance on your property. Bay Property Management Group Austin cannot perform maintenance without first receiving authorization and funding, which can slow down the turn-around times of our vendors and their availability in this market. This can also potentially create a negative experience that tenants will remember when it comes time to renew, and we always want to avoid turning over the tenants. Any time we request authorization for work on your property, the best practice is to immediately fund your account when you provide written authorization to move forward. This is as simple as going into your owner portal and using ACH for a free transfer, or if you prefer a credit card the processor charges a fee as part of the transaction.
Keep in mind that tenant charges on your account are not considered an offset to this amount as we keep a strict accounting system for both our and our client's benefits. Any tenant chargeable items will be posted to their account, and once they are paid it is immediately credited to your account. If you have any questions about this reserve amount held with Bay Property Management Group Austin, please contact your property manager.
