The Austin Real Estate Market As It Stands Going Into November
In the above video our Broker, Jason Huval, discusses the latest market data from ABOR and how this data can affect the leasing market in our area.
City of Austin Changes Eviction Process & Texas Supreme Court Updates
The City of Austin passed a “Right to Cure” ordinance that adds several days to the eviction process under certain circumstances. The details are yet to be completely understood and may play out in the court system as the ordinance is put to the test.
You can read more about this here.
At the same time, the Texas Supreme Court renewed its two emergency orders regarding rental properties. Below are some details of the two orders received from the Texas Apartment Association, however we are not attorneys and we strongly recommend that you consult an attorney for further understanding of these orders:
- 56th Emergency Order - Effective November 1; expires January 1, 2023. This order addresses procedures related to the Texas Eviction Diversion Program and other rental assistance programs. Read the 56th emergency order here. (The “Rental Assistance Order”).
- 57th Emergency Order - Effective November 1, expires January 1, 2023. This order allows remote (and in-person) proceedings. Read the 57th emergency order here.
The order was clarified in a couple of important ways. A few highlights being:
More funds may come available for assistance. The Emergency Order notes that even though the Texas Rent Relief Program temporarily closed off the application process for rent relief November 5th, 2021, there was an announcement on October 14, 2022 that an additional $33 million in rental assistance would be made available.
A property owner seeking an eviction can reinstate an abated case AT ANY TIME. The Emergency Order requires the judge to put the case on hold if the plaintiff has a pending application for rental assistance related to the premises and defendant in the current suit, or both parties wish to participate in rental assistance, the court must immediately place the case on hold, or “abate” the case.
- At any time during the 60-day period, the property owner/plaintiff may file a motion to reinstate (which should also be served on the resident). The motion must state that any application for rental assistance or for the TEDP has been denied, canceled, or withdrawn, or that the plaintiff-landlord has communicated to the rental assistance program that the plaintiff-landlord no longer wishes to participate in and receive funds from the program.
- The court then issues a written order that reinstates the case and states the procedure for the case to proceed. The trial must be held AS SOON AS PRACTICABLE, and no later than 21 days of the date the order is signed.
We are making sure to keep up to date with any changes should they affect your property(s). Again, we are not attorneys and this is not legal advice or opinion.
Winter is Upon Us!
We had a pretty abrupt change from mild fall weather to cold temps near freezing. In order to make sure we protect our client’s properties when a hard freeze is imminent we will remind tenants that they are responsible for protecting the home, and if properties are vacant we will do some basic winterization. Last year we posted some information about this prior to the big freeze. Please reviews Stone Oak's tips for winterizing your Austin rental property.
Office Hours for the Holidays
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.
January 2, 2023 | We will be closed for the holiday.
Please Note Our New Address
Stone Oak changed offices this year! Please take a moment to ensure you update the information you have for us so there is no confusion with any mail, etc.
14050 Summit Drive Ste 113B
Austin, Texas 78728
Details of the new location can be seen here.
Funding Make-Readies & Maintenance for Your Property
Please note that it is Stone Oak's policy that the owner has reserve funding on hand with Stone Oak to help us commence work faster when it comes to make-readies and maintenance on your property. Stone Oak 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 Stone Oak please contact your property manager.
Thank you for being a client of Stone Oak Property Management. Please don't hesitate to contact our team if you need anything.
