As a landlord, managing utility costs is essential to maximize profitability and reduce wasted energy. If your tenant is responsible for utilities, you may increase the chances that they will renew the lease with more affordable bills.
But how can you manage and even reduce utility costs for your rental property? Here, our Promax property management team has outlined some of the most impactful ways to keep your utility costs low and your profits high.
Replace Lightbulbs With ENERGY STAR®- Certified Ones
Swapping traditional incandescent lightbulbs with ENERGY STAR®-certified LED or compact fluorescent bulbs can significantly reduce energy consumption at your rental property.
Energy-efficient bulbs consume less power, have a longer lifespan, and produce less heat. Upgrading your property’s lighting can lower electricity bills and minimize the need for frequent bulb replacements, saving both you and your tenants time, money, and hassle.
Install a Low-Flow Showerhead
Installing low-flow showerheads is an effective way to conserve water and reduce water heating costs. These showerheads restrict water flow without compromising water pressure, allowing tenants to enjoy a comfortable shower while using less hot water. By promoting water efficiency in bathrooms, you can achieve significant savings on both water and energy bills.
Keep Refrigerator Coils Clean
Regular maintenance of your rental property’s refrigerator can contribute to energy savings. Over time, dust and debris can accumulate on the refrigerator’s condenser coils, reducing its efficiency and leading to higher energy consumption.
Encourage tenants to clean the coils periodically or include them in your property’s inspection and maintenance routine. This simple task can help the refrigerator operate more efficiently, lower electricity costs, and reduce wasted energy.
Install Window Treatments
Window treatments, such as blinds or curtains, play a vital role in managing the temperature inside your rental property. They act as an insulating barrier, reducing heat gain during summer and preventing heat loss during winter.
By installing window treatments such as blinds or curtains and encouraging tenants to use them, you can improve thermal insulation, minimize the need for excessive heating or cooling, and lower utility bills throughout the year for your rental.
Use Energy-Efficient Appliances
When it comes to major appliances for your rental property, opt for ENERGY STAR®-certified models. These appliances have undergone stringent testing to meet strict energy efficiency standards.
ENERGY STAR®-certified refrigerators, dishwashers, washing machines, and other appliances consume less energy while delivering the same performance as their conventional counterparts.
Investing in energy-efficient appliances can lead to long-term savings on electricity and water bills. It can also appeal to tenants looking to save money on their utility bills when renting.
Educate Your Tenants on Energy-Saving Practices
Empowering your tenants to adopt energy-saving practices can go a long way in managing utility costs.
Provide informative resources or brochures that explain simple measures, such as turning off lights when not in use, using power strips to manage electronics, and adjusting thermostat settings for optimum comfort and efficiency.
It’s also essential to encourage tenants to report any issues related to utilities promptly, such as flickering lights or malfunctioning appliances, as this can prevent wasted energy and even potential property damage.
Explore Property Management Solutions With Promax Management
Managing utility costs as a landlord can help you have a greener rental and keep tenants happy with lower utility bills. Explore more property management solutions in Northern Virginia with Promax Management. We have over 30 years of experience helping landlords successfully manage their investments. Call us today at (703) 642-5683!