The Property Pulse by LandlordDoc | August 15th, 2025
Your twice-monthly pulse of what's happening in the rental industry right now Issue #6 | August 15, 2025 | 3-minute read
This Week’s Headlines
- Illinois landlord retaliation penalties triple (effective January 1, 2025): If you have rental properties in Illinois, and were previously unaware of this law, under Illinois’ Landlord Retaliation Act (765 ILCS 721/), tenants may now recover the greater of three times the amount of actual damages sustained or three months’ rent, plus reasonable attorney’s fees, and may also be awarded punitive damages up to $2,000 per retaliatory act.
- Austin rent crash signals oversupply risk: Team Price reports a 17% decline in two-bedroom apartment rents — from a mid-2022 peak of $1,725 to $1,426 as of February 2025 — amid rising vacancies and new construction boosting supply (figures consistent with Bloomberg, Apartment List’s metro rent index and Jay Parsons reports in markets across the country).
- Federal housing bill advances with bipartisan support: On July 29, 2025, the U.S. Senate Committee on Banking, Housing, and Urban Affairs voted 24-0 to advance the bipartisan ROAD to Housing Act of 2025, which aims to boost housing supply nationwide by streamlining development approvals, cutting regulatory delays, and supporting local zoning reforms.
Quick Wins
Marketing for Single-Family Rentals
- Vendor-reported data from Blue Moon Medias shows that listings with professional images receive up to 1,200% more social media shares.
- Properties offering 360° virtual tours lease up 30–32% faster, according to Matterport.
- Utility Profit reports that tenant referral programs offering $100–$500 per successful referral are proven to drive higher participation and quality leads.
- An Apartments.com survey found that 38% of renters will immediately remove your rental from their consideration list if pets are not allowed, highlighting the value of showcasing pet-friendly features.
- That same bloc of renters (38%) tend to use "pets allowed" apartment search filters on rental listing sites, which means if you do not allow pets, your rental isn't even showing up in the first place.
How to implement:
- Post professional photos and 360° tours on Instagram, Facebook, and YouTube from October–March to leverage seasonal interest.
- Highlight pet-friendly amenities such as dog parks, pet-wash stations, and flexible policies – and make sure your listing indicates that it IS pet friendly so that you show up when tenants select any pet policy filters.
- Launch a tenant referral program with $100+ incentives per successful referral.
Estimated cost & time: $200–$500/month; 2–3 hours setup; 30 minutes weekly.
By the Numbers
| Metric | Current | Previous Period | Source/Date | Why It Matters |
|---|---|---|---|---|
| Rental Vacancy Rate (%) | 7.0% | 6.6% | Q2 2025, AOA summary of Census HVS | Higher vacancy = more competition & rent concessions |
| Median Asking Rent (USD) | $1,494 | $1,468 | Census Bureau Q2 Report; Moody's Analytics Q1 Report | Significant moderation from prior periods indicating nationwide slow down in rental growth |
| Apartment Concessions Offered | 12% of units | 8% | Q2 2025, RealPage effective rent series | Average 9.3% discount – adjust pricing to maintain revenue |
Series/Definition: Vacancy = rental vacancy rate (Census HVS); Median rent = asking rents (Realtor.com); Concessions = effective rent discounts (RealPage).
Market Pulse
- New Supply Alert: Austin vacancy at 9.92% as of April 2025 (Team Price; cross-checked with RealPage) after record construction oversupply. That number may have eased a bit in May-June as rents dropped, but official local numbers for Q2 have not yet been released in order to verify that.
- Related: Austin Office Vacancy Hits 24.8% in Q1 2025 – Partners Real Estate reports the market saw -372,714 sq. ft. of negative absorption in early 2025, with vacancy rates climbing 50 bps from last quarter.
- Despite higher vacancies, full-service asking rents rose 5.6% QoQ to $45.36/sq. ft., driven by Class A space in the CBD and North/Domain commanding $60.25 and $49.90 respectively.
- Permitting Decline: Nationwide, multifamily permits are down 1.5% year‑to‑date through April 2025, according to NAHB, reflecting a broader construction slowdown.
- Local Concessions: San Antonio Class A properties offering 3 weeks–2 months free rent for August move-ins (KSAT).
Other Legal & Regulatory
Things change fast at the local level—and these shifts rarely get the same media spotlight as federal issues. A recent example is Bellingham, Washington, where a new law quietly capped rental application fees at $50 plus annual CPI (AB 2801), effective August 1, 2025.
This quiet change underscores why property managers, landlords, and investors should stay plugged in with local real estate organizations that track and influence municipal legislation—protecting the rights of both housing providers and tenants.
- Washington State – Bellingham (effective August 1, 2025): Rent application fees capped at $50 plus annual CPI from AB 2801.
- Impact: Non-compliance forfeits screening fee revenue.
- Action Required: Update lease applications and tenant handouts to reflect cap as of the August 1 deadline which has already passed.
Tool Spotlight
Featured Platforms
- TenantCloud: Best for 1–20 units; $55/month for up to 50 units; robust mobile app.
- Buildium: Best for 10+ units; starts at $60/month; advanced reporting features.
Property management software can make or break your business—shaping your efficiency, controlling how much staff you need, and directly impacting your bottom line.
Bottom Line: Vendor-reported time savings of 40–50% in administrative tasks; validate with a 30-day pilot before committing.
