Latest industry news and changes in property management across the U.S., December 2024

New York: tenants no longer pay broker fees

Recent changes in New York have shifted the responsibility for broker fees from tenants to landlords.

• Tenants are no longer required to pay broker fees when signing rental agreements directly through landlords. Instead, landlords must cover this expense.

This change increases costs for property owners who rely on brokers to find tenants. Many landlords are now revising their marketing and rental strategies to minimize expenses.

California: strengthened tenant protections

California remains a leader in tenant protection laws. Recent legislation introduces new measures to safeguard renters.

• Annual rent increases are capped at 10% for most properties under rent control.
• Stricter requirements for eviction notices, including proof of “just cause.”

Washington: new energy efficiency standards for rental properties

Washington has introduced laws requiring landlords to meet stricter energy efficiency standards, particularly for older buildings.

• Property owners must conduct energy audits and implement upgrades, such as energy-efficient windows and heating systems.‍

While these changes may increase upfront costs, they can lead to long-term savings on utility bills and tax credits, as well as attract eco-conscious tenants.

Florida: streamlined eviction procedures

Florida continues to be a landlord-friendly state, with recent changes simplifying eviction procedures.

• Faster resolution times for evictions related to non-payment of rent.
• Lower thresholds for filing eviction notices.

Tip: While the process is simpler, maintaining good tenant relationships is critical to reducing turnover. Proactive communication and timely maintenance responses can help keep tenants satisfied.

Texas: Rising property insurance costs

Severe weather events and increasing risks have led to rising insurance premiums for landlords in Texas.

• Some insurers have reduced coverage options for properties in high-risk areas.
• Insurance costs have increased significantly, impacting overall profitability for landlords with multiple properties.

Tip: Review your insurance policies and consider investing in storm-resistant upgrades to mitigate risks. Diversifying your property portfolio can also help balance exposure.

These updates highlight the importance of staying informed about local laws and industry trends. Property managers who adapt quickly gain competitive advantages, such as reduced risks, improved efficiency and stronger tenant relationships.

To help you stay ahead, we’ve created PropertyPro, an all-in-one solution that empowers you to:
- Automate rent collection and lease management.
- Centralize communication with tenants and contractors.
- Focus on growth opportunities without sacrificing efficiency.