Managing Your Property
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated 9 months ago,
Best way for a landlord to manage utility bills in multi occupancy household
Hi everybody,
I know the topic is trite and got innumerable discussions over time, but I still find little to address this specific scenario.
I am about to rent out a house for the first time, 4 separate single rooms, 4 separate tenants unrelated to each other.
I can totally see the convenience of letting (say) a family take over all the bills for the property, but how could that work with 4 separate tenants?
Even if you ask everybody to take one bill each, so as to keep things as balanced as possible, would you ask one to take over the Garbage coming out of their bank account, and another one to take the Electricity? (far from balanced).
And what happens if one stops paying?
As a landlord I would face a problem anyway in this case, but if this becomes a burden on the other tenants, too, wouldn't this push away the good tenants?
Nevermind the bureaucracy that this would entail with each tenant moving in/out.
As much as I try to think about this I cannot find a solution that could prove more convenient than keeping all the bills under my name and requesting payment when they are due (with all the other downsides that I am aware of).
To all the experienced landlords out there, any advice on this would be very much appreciated!
Thank you,
Leonida