Saving Costs For Important Multifamily Utilities

High utility costs can make things difficult for multifamily investors, especially when it comes to property management and marketing.

One thing that can keep tenants from signing on to your multifamily is the total cost of utilities. This is why the term “utilities included” can actually be less appealing to potential tenants.

As an investor, it’s up to you to keep utility fees in check by coming up with reasonable rates and being on top of the utilities you are using.

Here are a few ways you can save important utility costs for your multifamily:

Saving prices on water costs

Water is an important resource. It also happens to be one of the most wasted.

Reducing your multifamily’s water usage is your first step to saving costs. Have your maintenance team check on your building’s pipe integrity and structure to make sure that no leakages or faults exist.

Additionally, installing fresh showerheads or low-flow toilets with high-quality flappers for your multifamily not only reduces water costs but keeps your tenants happy as well.

Reducing electrical costs

Next to water, electricity can also drive your utility costs upwards if left unchecked

Energy-efficient bulbs are a good way to begin saving power in your multifamily. Other than that, you might also install energy-efficient appliances that save power tremendously as well.

So, if you already have lightbulbs and appliances in your property, replace them with these in order to save power. Replacing them will be hard, but when you rack up the savings for your multifamily as a result, then it’s worth it!

Conserving gas costs

Gas is usually reserved for cooking meals, heating or even lowering the temperature for thermostats, making it an important utility for your multifamily.

Consider installing fans for your multifamily and convince your residents to use these more instead of turning on the air-conditioning on hot days.

Additionally, thermostats with adjustable settings can also lower gas usage when using the heater systems. Just make sure that your tenants abide by certain rules.

Reducing your utility costs for your multifamily property requires proper, constantly monitored maintenance for your building. As its investor and owner, it’s up to you to see that your residents’ utilities aren’t eating up too many resources.