As a rental property owner, utilities make up a large portion of your budget. A study done by the Institute of Real Estate Management found that for the average multifamily property owner, the utility costs equate to roughly 25% of all operating expenses.
With the cost of energy and water on the rise these expenses are projected to increase. Fortunately, a few minor changes can decrease these expenses and increase your bottom line.
Here are a few strategies for conserving water, energy, and money:
You will always have utility bills, but taking a proactive approach to decreasing frivolous use of energy and water resources can help alleviate the impact of those bills on your bottom line.