Winters can bring harsh cold snaps, icy conditions, and freezing temperatures, making it essential to properly winterize your multifamily property. Doing so not only protects the building from potential damage but also ensures your residents stay safe, warm, and comfortable throughout the season. Taking the necessary precautions now can help safeguard your property and create a secure, welcoming environment for everyone who calls it home. If you’re looking for expert help to winterize your multifamily property, reach out to Peak Renovations today. Let’s discuss your project and provide you with a customized quote to ensure your property is ready for the winter season: cfaber@peakrenovate.com

The most essential winterization tips for multifamily properties are as follows:

Check Your Walls and Windows for Cracks

Cracks in your walls, windows, or foundation are not something you will want to have in the winter. Even the smallest crack will allow rainwater to seep through and increase the risk of moisture and mold-related damage in your multifamily property units. Furthermore, the cold air from the outside will seep through the cracks and make your central heating work harder, which will increase your power bills.

Take the time to inspect the walls, windows, and foundations of your multifamily properties to look for cracks, gaps, or other signs of damage. If you happen to see any damage, do your best to seal up the cracks and gaps to prevent anything from seeping through them. If the damage is too severe, think about replacing the materials if necessary.

Pipe Insulation

Low temperatures can cause water pipes to freeze and potentially even burst. Insulating the exterior walls of your pipes will help prevent them from freezing when the cold temperatures arrive. Not only that, but the insulation will also cover any minor cracks or gaps in the water pipes.

It is crucial that you seal cracks on your pipes to prevent leakage. If water were to leak through your pipes and freeze on the outside of them, it would cause substantial damage to them.

Clean and Inspect Your Heating Units

One of the worst things that can happen is to have problems with your HVAC systems, boilers, or furnaces after the winter cold temperatures have arrived. If your heating units don’t work, then your tenants won’t be able to keep themselves warm when it is freezing outside. That will cause you all kinds of financial and legal troubles.

Take the initiative to inspect and clean your HVAC systems, boilers, and furnaces before winter arrives. That means cleaning and replacing the air filters as needed and verifying that the heating units are functioning as normal. If you see any signs of damage or deterioration on any of their components, replace those damaged components to ensure the heating units stay fully functional for your tenants during the winter.

Clean the Gutters

The autumn season causes a lot of leaves, sticks, and other debris to fall and accumulate in the gutters of your multifamily properties. It is never good to have clogged gutters because the blockage will prevent rainwater from flowing away from your roof safely. If the rainwater builds on your roof, it will increase the risk of roof damage.

In the wintertime, clogged gutters are even worse because they cause the rainwater to get trapped in the debris and turn to ice. Then, all the remaining rainwater will fall to the ground close to the foundation of the properties and cause damage and deterioration to it. Foundation damage is permanent and quite costly to repair.

Therefore, make sure you clean the gutters by clearing out all the debris before winter arrives.

Stock Up on Deicing Chemicals

Try to stock up on deicing chemicals because the freezing winter temperatures will likely cause the rainwater to turn to ice on the roads and driveways of your multifamily properties. Deicing chemicals have specific properties that can help turn ice back into water so that the surfaces are no longer slippery for your tenants.

Some examples of deicing chemicals include calcium chloride, sodium chloride, and calcium magnesium. The cheapest of the three is sodium chloride, which is the scientific name for rock salt. It works well on ice if the outside temperatures are higher than 12°F. However, if the temperatures fall below 12°F, the more expensive calcium chloride is effective in temperatures no lower than -20°F.

Replace Your Old Windows with Multi-Pane Windows

The older single-pane windows don’t offer much insulation against the freezing winter temperatures. On the other hand, if you were to replace them with double or triple-pane windows, they would do a much better job of insulating your multifamily property units because the multiple layers of glass would help stop the cold air from getting inside.

Request Professional Assistance

Do you need professional assistance in preparing your multifamily properties for the extreme winter weather?

There is no fixed price for renovating a multifamily property. If it is an older property, it will usually cost a lot more to renovate than a newer property. Basically, the renovation costs depend on several different factors, such as the following:

• Age of the structure
• The number of units
• Square footage of each unit
• Materials and appliances needed
• Property Location
• Tenant demands
• The average income of tenants

The overall objective of renovating a multifamily property is to get a high return on your investment. There is no sense in going overboard with the renovations if you’re renting out your units to low-income tenants. Your goal should be to break even on your renovation costs within 1 to 2 years after finishing the renovations. Then, all the rental income earned after that is pure profit.

Learn More About the Cost of Renovating a Multifamily Property

The first thing you need to do is identify the most critical renovations that need to be done to create a comfortable, livable environment for your tenants. Some basic examples of such renovations include:

• Floor replacement
• Repainting the walls
• Electrical and plumbing improvements
• Roof upgrades and repairs
• Light fixture replacements
• New kitchen appliances
• Window replacements
• New kitchen cabinetry and countertops
• HVAC system replacement
• Landscaping improvements

Performing all these renovations on a standard 5 to 10-unit multifamily property could cost between $200,000 and $400,000. Of course, this is only a rough estimate for renovating the units of a small multifamily property. Your actual costs could be higher based on the costs of the appliances, materials, and labor fees of the professional home renovators in your area. If that is not within your budget, you can focus on doing the most important renovations first.

Here is an estimated cost breakdown of the essential renovations that you could make to each unit of your multifamily property:

• Flooring replacement – $2,000 to $3,000
• Kitchen appliance replacement – $2,000 to $7,000
• New kitchen countertops – $4,000 to $6,000
• New paintjob – $2,000 to $3,000
• Bathroom tile and fixture replacement – $3,000 to $10,000
• Electrical and plumbing repairs and upgrades – $2,000 to $6,000

Remember that you don’t have to do all the renovations at once. Most multifamily property owners will start with smaller renovations and then gradually work their way to bigger renovations as they continue collecting rental income. It is a great way to reduce your upfront costs because the rental income will pay for a significant percentage of your renovations along the way.

Add Extra Amenities for Maximum Value

Amenities are not a requirement, but they can help you retain and attract long-term tenants to your multifamily property. As the rental market becomes more competitive in certain locations, you may find it necessary to add more amenities to your multifamily property to make your units more attractive and valuable to tenants.

Some of the most popular amenities that tenants like include:

• Parking Lot
• Swimming Pool
• Gym / Fitness Center
• Gated Access / Security
• High-Speed Wi-Fi Internet
• Patio / Balcony
• Washer & Dryer
• Walk-In Closet
• Dog Park

The estimated cost of adding these amenities is anywhere from $50,000 to over $300,000. However, investing in these amenities should only come after you have made the essential renovations to your property first. Then, you can take the profits earned from your rental income and reinvest them into building these amenities.

Some amenities will obviously cost significantly more than others. For example, adding a walk-in closet and Wi-Fi internet won’t cost nearly as much as adding a fitness center and a swimming pool. So, again, start with the smaller amenities and then gradually add the bigger ones as you continue to earn profits from your rental income.

Learn More About the Cost of Renovating a Multifamily Property

Are you interested in renovating your multifamily property? Contact Peak Renovations if you have questions about the estimated renovation costs and the value that these renovations could bring to your property: cfaber@peakrenovate.com

Multifamily property managers and owners must plan and take precautions before the cold winter season arrives.

Winters can bring below-freezing temperatures that can cause all kinds of problems on your multifamily property, such as cold tenants, frozen pipes, malfunctioning HVAC systems, poor insulation, and clogged gutters. All these things can lead to unhappy tenants and property damage unless you know how to prepare for every potential problem that can occur.

Don’t wait until winter arrives to get your multifamily property ready for freezing temperatures. Begin your winter preparations in early fall to ensure you have ample time to address any concerns. For expert assistance in getting your property winter-ready, contact Peak Renovations today!

Below are the top three ways you should prepare your multifamily property for the winter weather.

1) Update Your Emergency Contact Lists

Put together the management teams that will be on standby to address the needs of tenants during the winter if something bad happens. Review and update all your contact lists to ensure you can reach your tenants and property managers quickly. Having quick lines of communication is essential during the winter.

You should also gather your emergency utility shut-off maps and keep them in the manager’s office. These maps will help guide managers in how to shut off power and water utilities if needed under certain circumstances.

For instance, shutting off the power after an outage can help prevent damage to the electrical systems once the power comes back on.

2) Shut Off the Water to Prevent Frozen Pipes

The freezing winter cold can easily freeze the water pipes of your multifamily property’s plumbing system. Do everything possible to prevent this from happening to avoid water damage restoration. Contact your tenants and find out which ones are leaving for the winter. Tell those tenants to close their windows before leaving to prevent cold air from getting inside. The next thing you need to do is to shut off the water to the units of the tenants that have left. If there is no water in the pipes, then the water won’t freeze and cause the pipes to burst. But if there is water in the pipes and no heat in the unit due to a power outage, then it will most certainly cause the pipes to burst after they freeze. The tenants who are staying in their units during the winter should still have access to their water.

Regardless, make sure you inform them to keep their thermostats above 55°F to ensure there is enough heat in the unit to prevent the pipes from freezing. The heat should always remain on, whether they are leaving or not.

3) Inspect Your HVAC Systems and Turn on the Heat

It is critical to have fully functional HVAC systems in the winter because they will need to generate heat for your units. You should switch your HVAC systems from air conditioning to heat as soon as the outdoor temperatures drop.

Have Peak Renovations inspect your HVAC systems before the winter arrives to ensure they are fully functional. Their team of experts can help you identify any issues and make sure your systems are running efficiently. It’s also a good idea to have Peak Renovations replace the air filters before switching the system from air conditioning to heat. Tenants can still use the thermostats in their units to control the heat, but be sure they keep it above 55°F.

Don’t wait until winter to prepare your multifamily property for freezing temperatures. Partner with Peak Renovations and start your winter planning as early as the beginning of fall to give yourself plenty of time to prepare for the season ahead.

There are more self-employed and remote workers than ever before. The digital age allows entrepreneurs and white-collar workers the freedom to work from home in dedicated workspaces away from traditional office space.

Multifamily property owners and apartment building owners can turn almost any community space into a coworking space to attract tenants who work from home. That is why an increasing number of multifamily property owners are hiring companies like Peak Renovations to add coworking spaces to their buildings and communities.

Property owners are adding community-based shared workspaces as amenities for all their tenants to enjoy. Whether you want to renovate or construct a multifamily property to include coworking spaces, Peak Renovations is the best multifamily general contractor to hire for the job.

 

Here are the top five benefits of amenity space renovation and construction services for adding coworking spaces to multifamily properties:

1) Attract Responsible Tenants

Entrepreneurs and home workers are highly responsible tenants because they are accustomed to managing their finances and work life without a boss looking over their shoulders. Because of this, multifamily property owners and managers can expect entrepreneurs and home workers to pay their rent on time and not make excuses.

It is easy to attract responsible entrepreneurs and home workers by adding coworking spaces as amenities to their properties. Once they learn these amenities are available, you will have highly qualified remote workers competing to rent out your multifamily units.

2) Meeting the Demand

The concept of coworking spaces has been around for at least 20 years. After the increased popularity of the internet in the early 2000s, companies and entrepreneurs saw remote work via the computer as an opportunity to cut expenses and increase productivity.

By mid-2022, over one million people in the United States reportedly use coworking spaces, with over three million using them worldwide. These numbers are expected to rise over the next decade as more companies and entrepreneurs embrace the benefits of remote work.

Incorporating coworking spaces into your multifamily property will allow you to take advantage of this trend before competing with several other property owners for work-at-home tenants.

3) Easy to Develop

Creating a coworking space in a new or existing property does not require a lot of sophisticated or creative design planning. The four essential elements needed to develop a coworking space include:

• A simple workspace design with enough room for tenants, desks, lights, seats, and computers.
• Guest access to complimentary high-speed Wi-Fi connectivity will allow your tenants to work remotely from their computers and mobile devices.
• A private space for tenants to conduct private meetings and have the ability to work in peace without disruptions or distractions.
• Secure access control to the coworking space using keypads and smart lock systems to ensure only tenants have access to the space.

As you can see, it is easy to develop such a space on your property for the community. Just design and construct a private, secure space with high-speed internet and enough room to accommodate a decent number of tenants simultaneously.

4) Charge a Service Fee

The coworking space you build for your community of tenants doesn’t necessarily have to be a free, complimentary service. In fact, many multifamily property owners charge a service fee to tenants who wish to have access to the community coworking space. It doesn’t have to be a substantial fee, but it could still be a way to increase your rental income.

Another way to make money from your coworking space is to charge extra to tenants who want enhanced services, such as access to a private meeting room, an unshared private office, and a faster Wi-Fi internet connection. All of these extra service fees can add up quickly.

Shared workspaces can remain free of charge to tenants. But if you have enough room to create fee-based private workspaces, it could become a second source of rental income for you.

5) Strengthen the Local Economy

Using coworking spaces to convert entrepreneurs and businesspeople into tenants can significantly boost the local economy. It will bring more economically viable people to the community who will have the financial means to spend money at local restaurants, coffee shops, package shipping stores, and more.

As a result, more businesses and job creators will want to come to your neighborhood because of how much it is thriving economically. That will attract even more working tenants to your multifamily property who will have the means to pay their rent on time. Whenever you have a multifamily property in an economically thriving community, only good things can happen.

Contact Peak Renovations to Add a Coworking Space to Your Multifamily Property

Apartment and multifamily property owners interested in adding coworking spaces to their buildings and communities should contact Peak Renovations to request a renovation or construction job. They can transform your new or existing community space into efficient coworking spaces to attract more tenants and help you generate additional rental income. Contact us for a project quote: cfaber@peakrenovate.com

Some people roll their eyes when they hear about heat waves on the news. But what they do not realize is that heat waves are much more dangerous natural disasters than hurricanes and tornadoes. Heat waves have the potential to cause people severe health problems and sometimes even death.

The term “heat wave” describes a situation where there are unusually hot temperatures for more than a few days in a particular location or region. A heat wave occurs when a high-pressure system in the sky forces warm air down toward the ground, trapping it there for as long as the high-pressure system persists.

The Top 4 Ways to Prepare Your Multifamily Property for a Heat Wave

Multifamily property owners and landlords must take the necessary precautions to protect their tenants from the dangers of a heat wave before it strikes. Not only do they have a moral responsibility to help protect their tenants, but they also have a legal responsibility in certain jurisdictions.

Are you a multifamily property owner or landlord? Here are four ways to prepare your multifamily property for a heat wave to keep your tenants as safe as possible.

1) Install and Maintain Air Conditioning

The number one thing you should do is install an air conditioning system on your multifamily property that can supply cool air to all its units. It could be a central air conditioning system or individual air conditioners for each unit, but centralized air is preferred.

Some lease agreements require tenants to maintain the air conditioners of their units by cleaning them and replacing air filters. If your lease agreement with your tenants does not have this requirement, you must do the maintenance work yourself. Either way, you should regularly inspect the air conditioning system to ensure it remains in good working condition.

2) Use Lighter Paint Colors on the Walls

Did you know darker paint colors can retain solar energy and heat from the sun? If any interior or exterior walls have direct exposure to sunlight, paint them with lighter colors like white and light blue. Otherwise, darker-colored walls could increase the temperatures inside and outside your multifamily property units.

3) Add Window Treatments

Adding window treatments to the windows of your multifamily property units can significantly reduce the amount of sunlight and heat coming through them. Some popular window treatments for blocking sunlight are drapes, shades, and shutters. You could also add a solar window screen or tint to reduce heat transmissions while allowing tenants to look through the glass.

4) Educate Tenants on Proper Safety Tips

Talk with your tenants about the best ways to stay safe during a heat wave. Some helpful tips you could offer them include:

• A tutorial on how to change the air filters in their air conditioning systems.
• A list of items to put in their first aid kits to prepare for a heat wave
• A tutorial on how to contact you to submit a repair or aid request
• A tutorial on what to do during a power outage (you may want to purchase a generator to supply power to all your units temporarily)
• A list of symptoms associated with heat-based health conditions (e.g., sunburns, heatstroke, heat exhaustion)

You do not have to be a doctor or healthcare professional to offer helpful tips to tenants. They will appreciate your suggestions, which will help grow their trust in you as their landlord.

Contact Peak Renovations if You Need Help Preparing Your Multifamily Property for a Heat Wave

As the summer heat intensifies, ensuring your multifamily property is prepared to withstand the rising temperatures is crucial. Peak Renovations offers expert services to enhance your property’s resilience against heat waves. From energy-efficient upgrades and superior insulation to advanced cooling systems and comprehensive maintenance checks, our team is dedicated to keeping your property comfortable and safe for all residents. Trust Peak Renovations to deliver high-quality solutions that not only protect your investment but also provide a cool and pleasant living environment, even in the most extreme conditions. Prepare your property today and enjoy peace of mind knowing you’re ready for whatever the summer heat brings. Contact Peak Renovations today to learn more.

Did you know that more than 50% of American dog owners reside in the 25 largest metropolitan areas in the United States? If you own a multifamily property in a city or central urban location, you can expect to encounter prospective tenants who are dog owners. Of course, you could decide not to allow pets in your multifamily property units, but that will make most prospective tenants not want to rent them. Due to the increase in dog ownership nationwide, multifamily property owners like yourself need to accommodate dog owners rather than push them away. Not only that, but you should even go so far as to install a dog washing station on your property.

A dog washing station is an amenity your tenants can use to wash their dogs in a setting built for it. The typical dog washing station consists of stainless-steel washbasins, a pet dryer, a hair vacuum system, and a hydraulic grooming table. It is easy for tenants to use the dog washing station to wash and clean their beloved dogs.

Below are the top four reasons to install a dog washing station on your multifamily property.

1) Convenient for Tenants

The traditional dog owner washes their dogs in the bathtubs of their homes, which in this case would be the bathtubs in your units. The problem is that it becomes highly inconvenient for your tenants because they splash water all over the bathroom and then have to clean it up. Plus, their dogs will shake off the water, causing it to fly onto the walls and personal possessions.

A dog washing station is an on-site amenity. The tenant is not responsible for cleaning the dog washing station after using it.

2) Prevent Drain Clogging Issues

Another bad thing about washing dogs in bathtubs is that dog hair sheds and clogs the drains. If your tenants end up with clogged drains, they will demand that you hire a plumber to unclog them. That means more time and expense for you as their landlord to resolve the issue.

A dog washing station prevents this problem from happening. The drains won’t get clogged if tenants no longer wash their dogs in the bathtubs. So, there should be fewer complaints about drain blockage after installing a dog washing station.

3) Encourage Socializing

Dog ownership brings people together. Tenants can make friends with each other by sharing a common interest in dog ownership. As tenants enter the dog washing station to wash their dogs, they will meet and get to know each other.

Your new dog washing station will encourage socializing on your multifamily property. If your tenants get along better, they are more likely to treat the property better and create a happier environment.

4) Make Extra Money

You could install the dog washing station as a free amenity for your tenants or charge them a monthly fee. It depends on what is in your best financial interests. If you need to make some extra money, it is okay to charge a small monthly fee to the tenants who want to use the dog washing station.

Request a Custom Dog Washing Station Today

Peak Renovations can build a custom dog washing station on your multifamily property. Contact us to request a consultation and learn more about the kind of dog washing station our team can build on your property: cfaber@peakrenovate.com

Due to the increasingly high cost of living, more people than ever are looking for quality homes and apartment units to rent. Multifamily properties make such lucrative investments because you can capitalize on the growing demand for high-end rental properties by earning a substantial passive income from them.

Of course, you need to compete with other multifamily property investors by attracting the most qualified tenants to your property. One effective way to compete in the rental marketplace is to install or renovate a luxurious swimming pool at your multifamily property.

How a Swimming Pool Adds More Value to a Multifamily Property

A swimming pool is considered a luxurious amenity for tenants of a residential multifamily home or apartment complex. You will have a much easier time attracting the right kind of tenants if you have an attractive, spacious, and accommodating swimming pool for them to use on your property whenever they want.

Here are the top 4 ways in which a swimming pool adds more value to a multifamily property:

1) You Can Seek Higher Rent Prices

Swimming pools add more demand for your rental units because a high percentage of prospective tenants seek properties with swimming pools attached to them. Since many multifamily properties do not have swimming pools, you have a good excuse to increase the price of your rental units if you have an attractive pool on your property.

2) Establishes an “Upscale” Feel to Your Multifamily Property

People tend to have a more positive perception of a multifamily property if it has a well-maintained swimming pool on it. A clear blue pool can create an upscale, high-end feel to the property that will make prospective tenants seriously consider renting a unit there. It will make them feel like they are being given five-star accommodations.

3) Creates a Sense of Community and Togetherness

It is easier to retain tenants for extended periods if they feel happy and comfortable at your multifamily property. A swimming pool helps create a sense of community and togetherness by allowing various tenants to spend more time together and make friends with each other. Because of that, they might be willing to remain at the property a lot longer.

4) Encourages Health and Wellness for the Tenants

Regular exercise can make almost anyone feel better. Tenants who work stressful jobs may feel like they don’t have the time to visit a gym and work out. But if they know they have a swimming pool next to their rental unit, they will feel more compelled to swim in the pool as a form of exercise to relieve their daily tension.

Before & After Pool Area Renovations

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Contact Peak Renovations if You Need a Renovated Swimming Pool Area

The average inground swimming pool installation or renovation can cost anywhere from $35,000 to over $100,000. The best options will really depend on the size of your multifamily property and the number of tenants you plan to have. Contact us today for a free project quote: cfaber@peakrenovate.com

Multi-family property owners and managers must ensure that the walls, floorings, ceilings, utilities, and appliances of their unoccupied units are in satisfactory condition before renting them out. After all, nobody would want to rent a dirty unit with faulty appliances, electricity, and plumbing.

The process of improving the living conditions of an unoccupied unit is called “make-ready maintenance.” It involves taking the necessary steps to make the unit clean, attractive, and habitable before showing the unit to prospective tenants. That way, you will have a greater chance of renting or leasing out the unit for the highest rate possible.

What is Involved With Make Ready Maintenance

Some of the necessary tasks associated with make-ready maintenance include cleaning, painting, repairing, and replacing imperfect surfaces, appliances, materials, and other relevant items. For example, if your multi-family property has an unoccupied unit with leaky faucets, loose doorknobs, dead lightbulbs, and holes in the drywall, you would need to fix all these problems before renting out the unit. That would mean repairing the faucets, tightening the doorknobs, replacing the lightbulbs, and filling in the holes in the drywall. While you might think you can do these tasks yourself, some make-ready maintenance tasks will require professional service people to assist you. After all, you are probably not a professional painter, plumber, electrician, HVAC technician, or flooring specialist. So, if you need to repair or replace electrical wiring, plumbing, air conditioning, flooring, or even add a new coat of paint on the walls, you are better off hiring a professional to ensure it is done right. Since you’ll want to complete your make-ready tasks exceptionally well, you’ll need professionals with official credentials and exceptional skills in their respective fields to perform the make-ready maintenance tasks flawlessly. Sure, it will require an upfront investment to hire professionals to complete these tasks, but the payoff will be substantial once you rent out your unoccupied unit to a paying tenant.

How to Get Started With Make Ready Maintenance

The first thing to do is make a list of everything you need to fix or improve in your unoccupied unit. Make sure you check the condition of the windows, doors, floors, ceilings, appliances, electricity, plumbing, fixtures, and roofing to ensure they are in perfect condition. Some property owners and managers will even hire a property surveyor to help them discover all the flaws.

The next step is to hire a professional make-ready maintenance service provider like Peak Renovations. The company is the premier provider of affordable, high-quality, make-ready maintenance services for multi-family properties. Their service team can perform several different kinds of make-ready maintenance tasks without requiring you to hire multiple professionals who charge higher rates.

Contact Peak Renovations for more information on their make-ready maintenance services and to request a free price quote.

Every residential house has an electric meter to measure the amount of electrical power consumed on the premises in real-time. They also have an equivalent water meter for measuring the amount of water usage. Utility companies depend on electric and water meters to accurately calculate a customer’s utility bills at the end of each month. For example, whenever someone in a house activates an electrical appliance, flicks a light switch, or turns on their computer, the electric meter tracks the electricity delivered to those items. Whenever someone turns on a faucet or dishwasher, flushes the toilet, or takes a shower, the water meter measures the water usage for those actions. Most single-family homes and multi-family homes have one electric meter and water meter installed. That might be fine for a single-family home with only one tenant living under the roof. But if you are a landlord renting out individual units of a multi-family home to several different tenants, you need to be able to track the utilities used in each unit. After all, your primary utility meters measure the total electricity and water used in all the units and then give you one big electric bill and water bill at the end of each month. But if you want to measure the individual utilities consumed in each unit, you will need to install an electric submeter and water submeter in them. If you need submetering installation services at your multi-family property, contact us today to discuss your project: Contact Peak Renovations

Learn More About Submetering for Multi-Family Properties

The National Apartment Association and the National Multi-Housing Council have both conducted studies into the benefits of submetering multi-family properties. What they found was that individual apartments and housing units consume between 18% and 39% less water when submeters are installed in them. Landlords, owners, and property managers have the most to gain from submetering their multi-family properties because they can bill their tenants for their utility consumption more accurately. Instead of dividing the total utility bills amongst the tenants evenly, you can send a more precise electric bill and water bill to each tenant based on the amount of utilities they consumed in their unit.

Here are the top reasons why you should submeter your multi-family property:

• Bill tenants more fairly and accurately for the utilities they consume.
• Permanent submeter installations can increase the value of your property.
• Landlords can improve trust and build better relations with their tenants.
• Encourage more power and water conservation from your tenants because they will want to use fewer utilities if they know submeters are actively measuring it.
• Tenants will save money by not paying more for electricity than they consume.
• Fewer utility expenses for landlords.

You can hire professionals to install submeters on new and old multi-family properties. The installation is an affordable investment when you consider the benefits it will provide to you and your tenants. It even promotes environmental friendliness due to the incentive to conserve more power.

Contact Peak Renovations if You Need Submetering for Your Multi-Family Property

Water and electric submeter installation services are available for all types of multi-family properties, whether they are apartment buildings or houses. We recommend installing both types of submeters in each unit that you rent out to tenants to enjoy maximum financial and environmental rewards from it. If you need submetering installation services at your multi-family property, contact us today to discuss your project: Contact Peak Renovations

Resources:

NextCentury Submetering Solutions