August 2024 Newsletter:

Welcome to our August 2024 rental market update! As we continue to enjoy the peak of summer, we’re excited to share the latest developments and insights at Authority Property Management.

Market Update: Sustained High Demand and Low Vacancy Rates

Our rental market remains robust, with a current vacancy rate of just 5.3% across our portfolio, compared to the county average of slightly over 7%. This consistent demand is a testament to our effective property management strategies and the attractiveness of our rental offerings.

• Quick Turnover: We’re renting units quickly, ensuring minimal downtime and maximizing rental income for property owners.
• Enhanced Property Appeal: Ongoing maintenance and strategic upgrades continue to make our properties highly desirable, leading to swift occupancy.

For a comprehensive analysis on what your unit can rent for please reach out.

New Deposits Roll Out: Positive Feedback and Continued Success

We’re delighted to report that the new deposit options implemented in July have been well-received by applicants. The introduction of flexible deposit structures and the inclusion of additional rent for pets within the general rent have not slowed our rental pace.

• Smooth Transition: The new deposit laws have hardly impacted our rental processes, thanks to proactive communication and clear guidelines for tenants.
• Pet-Friendly Policies: Extra rents for pets have been positively received, allowing us to cater to a broader tenant base while ensuring property protection.

Managing Summer Challenges: HVAC and Home Warranty Updates

As temperatures continue to rise, we’ve maintained our focus on ensuring tenant comfort and satisfaction.

• HVAC Performance: During recent heatwaves, our team managed over 80 HVAC service calls for July alone. Our dedicated HVAC vendors have been instrumental in providing timely and effective service. Home warranty companies only accounted for 3 of the calls out of the 80.
• Home Warranty Challenges: We continue to encounter delays with home warranty companies. In over 90% of cases, we’ve had to step outside the home warranty system to ensure timely repairs. This approach has been crucial in maintaining tenant satisfaction and minimizing vacancies.

Preparing for the Post-Summer Rush: Back-to-School Season

As summer winds down, we anticipate another surge in rental activity with the upcoming school year. Here’s how we’re preparing:

• Marketing Strategy: Highlighting properties' proximity to schools and other amenities. Families and students are on the lookout for convenient and comfortable living arrangements.
• Property Readiness: Ensuring all maintenance and upgrades are completed before the rush begins. A well-prepared property is more likely to attract quality tenants quickly.
• Flexible Leasing Options: Offering flexible lease terms to accommodate different needs, such as short-term leases for students or long-term options for families.

Community Engagement: Upcoming Events and Highlights

Wrap Up: Embracing Change and Maximizing Opportunities

As we navigate through these dynamic times, our commitment to providing top-notch property management services remains unwavering. By staying informed and proactive, we can continue to optimize your property investments and enhance tenant satisfaction. We’re thrilled with the positive reception to our new deposit options and remain dedicated to delivering exceptional service throughout the summer and beyond. Here’s to a successful and productive month ahead!

For any questions or further assistance, don’t hesitate to reach out to our team. Stay cool, stay informed, and let’s make the most of August!