HVAC Units & The Approaching Colder Weather
As we inch closer towards the end of the year the creep of cooler weather is upon us. As the air temperature continues to decline, tenants in your properties will be switching from A/C to Heat. This can cause strain on the HVAC systems as they get older and will usually generate some maintenance requests from tenants. Over the summer some dust in the system will accumulate on the heating components, and when the heater is used for the first time in the cold season it will generate a smell as it burns off. This will lead to the tenants requesting HVAC service, which we try to manage by first confirming it was not caused by the initial use as the seasons change. If the problem persists we will always have the AC serviced to make sure there isn’t a potentially larger problem, but in most cases the smell goes away after running the system for a short period.
On-Market Properties & The Current Demand
We are seeing the average number of days a lease listing sits on the market rise due to several factors.
The primary reason is that it’s typical for demand to drop as we enter the Fall and exit the busy season. Kids have returned to school and families have tried settling down in a new home during the summer. That’s not to say that there aren’t a host of macroeconomic issues currently affecting the housing market and people’s ability to afford housing at levels we saw in 2021 and so on.
This article from KVUE explains the current shift in the Austin housing market and where the market may go from here. The increase in homes for sale may translate into more housing being converted to long and short-term rentals as they sit on the market. This increase in supply can drive down or stagnate rents, and increase the length of time it takes to find renters.
It’s important to be mindful of how market conditions are affecting average days on market for rentals. Price combined with time of year plays a huge factor in how long it will take your property to rent. While we want to maximize the rent for our clients we also recognize that overpricing a property will quickly lead to vacancy losses that surpass the higher rent. It only takes 1-2 months, probably less, of vacancy to offset the gain from higher rents, so it’s best to price with the market and get tenants in place for longer-term stability.
The NARPM Convention This Past Weekend
Earlier this week members of our team attended the National Association of Residential Property Managers convention hosted in Las Vegas. The convention consisted of 3 Days of keynote speakers and presentations from providers and vendors in our industry.
We are constantly looking for ways to improve your experience by providing better service for our owners and their valued tenants. Being able to network with other property management companies is great for us to help understand best practices, learn new strategies to create more value for our clients, and stay up to date on the constantly changing landscape in the property management industry. We are eager to implement some of the things we learned at the convention and look forward to continuing our service as your Austin property manager!
Holiday Closure Schedule
November 23rd-24th, 2022 we will be closed for Thanksgiving
November 25th, 2022 we will be open with a skeleton crew working remotely
December 26th, 2022 we will be closed for the holiday
Please don't hesitate to contact your property manager with any questions!
Thank you for being a client of Stone Oak Property Management