When renting out your property, it can be discouraging to see your profit disappear into bills and utility costs. Although you have a rental that is profitable, it can easily, in the blink of an eye, rack up your utility bills, which add up over time. Thankfully, you can reduce those costs and save money on utilities through small changes! Let’s go over what you can do to save up on utilities.
Switch to LED
Nowadays, more landlords are switching to LED lighting, not only because these lights are cost-effective but also because they offer better and brighter lighting. LEDs come with tons of perks including dimming, different light color temperatures, and very low maintenance needs. While some might think LEDs are cheap and not good, they are quite affordable and better for the environment at the same time. Some eco-conscious tenants might even be interested in having a home that uses primarily LED lighting.
Install programmable thermostats
You may be using more energy than necessary by heating or cooling your apartment or house while no one is home. During an eight-hour workday, a programmable thermostat or smart thermostat can help manage the furnace and air conditioner more efficiently. This type of thermostat can lower heating or cooling during the hours when the property is empty, then adjust the temperature shortly before someone returns. Some models also allow you to set target temperatures for certain parts of the day, including peak usage hours, so you can reduce energy use without sacrificing comfort. A programmable thermostat gives you better control over your heating and cooling schedule. It can also help lower utility costs by keeping the system running when it is not needed.
Insulate
Air leaks can let heated or cooled air escape through poorly sealed areas of the home. This can make your system work harder and increase your monthly utility costs. Sealing gaps around windows, doors, vents, and other draft-prone areas with proper insulation or weatherstripping can help improve comfort and reduce wasted energy. Start by adding foam weatherstripping around doors and windows. It is affordable, easy to apply, and can help reduce drafts where heated or cooled air often escapes. If the problem with air leaks is severe, you can ask your property manager to inspect the apartment and re-insulate your doors and windows. This is one of the easy ways to save money, as it’s easy to have it checked.
Monitor the water leaks
Water is essential for survival, but it can also be very costly if not monitored. Many look over the fact that the tiniest bit of water getting through a broken pipe can add up over time and cause your property to bleed money. A small leak may seem harmless, but it can waste more water than you expect over time. Leaky faucets, dripping pipes, and running toilets can also raise your monthly water bill if they are not repaired quickly. Ask your property manager to schedule routine inspections and address leaks as soon as they appear so you can reduce water use and control utility costs.
Water efficient showerheads
Try installing a low-flow showerhead, as it can save you some money in the long run. Just like switching to LED lighting from incandescent bulbs, using a shower head that dispenses less water can be a great way to save cash since using water-efficient showerheads can reduce water consumption by 10 gallons for every 10-minute shower. While it’s true that very few tenants will be thrilled about moving into a house with a low-pressure showerhead, even with low-flow showerheads, weak water pressure won’t be an issue. That’s because these showerheads are designed to eject small amounts of water but at the same high pressure offered by other standard types of showerheads.
Saving Money on Rental Utilities
We can all agree that utilities can really eat into your rental income if left unchecked. The only way to check whether you are lowering or increasing your utility costs is by monitoring your bills. To be able to maximize your income, you’ll have to reduce your utility bills. And, with the tips above, achieving this will be easy for you. A property manager can help you in this matter by keeping track of everything that goes on your property while giving you knowledgeable advice on how to minimize the costs as much as possible.
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