How Can Investors Reduce Their Tenants' Utility Expenses?
The cost of a utility bill depends on how a tenant uses their living space, but there are also a few things landlords can do to make that bill more affordable.
1. Replace HVAC Filters
If your team isn't replacing HVAC filters at least every two months, they'll get clogged up. That makes it harder for the HVAC unit to push fresh air through the home every time the fan kicks on, forcing the machine to work longer. Replace HVAC filters routinely so heating and air conditioning costs stay as low as possible.
2. Upgrade Unit Thermostats
Programmable thermostats save people money every year because you can set them to specific temperatures. Modern models even have settings for different times of the day, meaning tenants won't have to worry about continually changing the configuration.
3. Seal Any Cracks
It isn't always obvious, but any present cracks let air leak inside the home. Air infiltration shifts the interior temperature and affects the utility bill, although there's an easy fix for the problem.
Apply new sealant in problem areas or around entire windows to give the unit a longer lifespan and reduce utility expenses.
4. Switch to LED Bulbs
They'll last a few months and could impact the utility bill, especially if you switch to LED bulbs.
LEDs require less electricity and produce less heat than traditional bulbs.
5. Invest in New Appliances
Your residents will love any efforts you make to invest in new appliances registered as energy-saving products.
Smart fridges and ovens will drastically cut down utility bills and last a long time, so renters now and in the future will benefit from the upgrade.
6. Install Double-Pane Windows
They act as a reinforced barrier and can reduce utility bills by 50%, depending on the window quality. Renters will also enjoy how they buffer outdoor noises because they're thicker than traditional windows