City of Austin Opens Rental Fee Transparency Survey
As we have previously reported, the City of Austin is currently developing an ordinance that would require properties with five or more rental units to provide applicants with a complete list of fees not included in rent when they apply for a unit.
This would include:
- Application & Move-In Fees
- Mandatory Recurring Monthly Fees
- Optional Services Fees
The city has recently opened a public survey to better understand current rental housing fees and disclosure practices.
This survey is an important way to inform the City of Austin that transparency is a value of the industry and that almost all properties are already disclosing fees up front, well before a prospective tenant applies. While fee disclosure is not standardized, it is something that the industry consistently works to provide.
Additionally, the TAA lease clearly outlines any additional fees not included in rent on the first page of the lease.
When filling out the survey, please make sure to include your fee disclosure practices, whether that is done through a separate sheet given to prospective tenants or during pricing discussions with a prospect.
Be sure to include how you disclose application fees, screening fees and security deposits.
When answering the final question, please note that the Texas Apartment Association lease includes all fees not included in rent, including utilities and any mandatory recurring fees, on the first page of the lease for tenants to easily see.
As this is an important issue that will directly affect our industry, it is important that you make your voice heard by completing the survey. The survey will remain open for responses until December 15.