Utility Billing and Cost Recovery Insights
Reaching Younger Renters: Sustainability is Key
Baby Boomers, long the drivers of consumer culture in the United States., are no longer top of the pecking order. Millennials and Gen Z, the generation after them, have taken over! Millennials are now the largest of all living generations. Gen Z, mostly the children of the smaller Gen X, aren't far behind. And both generations are less likely to become homeowners, which makes them your target market. Why aren't these younger generations buying homes the way their parents and grandparents did? It's partially an economy that has left them with flat wages and staggering college debt, but it's also a different set of values. Younger Millennials especially are driven more by experiences than ownership; they'd rather rent and let someone else deal with the hassles of maintenance than buy a house they have to deal with, in many cases. Buildium characterized them as a generation of "forever renters:" "The combination of low savings rates, inflation, high interest rates, and the aversion to staying in one place permanently, is making 1 in 4 Millennials give up on home ownership. In 2018, by contrast, only 13.3% of Millennials expected to rent for the rest of their lives. Millennials are relishing the upsides of renting too. Like the flexibility to relocate for career, travel, and family. They can upgrade proportionally to their income. It gives access to more amenities. There’s less maintenance, risk, and responsibility that comes with renting as well." Along with that flexibility, great amenities, myriad payment options and digital-first experiences, from paperwork to payments, Millennials and Gen Z both look for places to live that align with their values. Top on that list? Sustainability . That means a lot of things, including walkability and bike access to areas around where they live. That also includes conservation. They don't want to print anything - digitally signed leases and contracts are paramount. It's a faster way to do business that doesn't waste paper or put ink into landfills and water supplies. They want to see things like LEED certifications, local energy efficiency grades , Energy Star-rated appliances, low flow showerheads and other sustainable features in their apartment buildings. Marketing the sustainability of your property will help attract these younger tenants, most of whom will be long term. Some do's and don'ts when it comes to marketing your sustainability to potential residents: Don't make false claims. They will find out! Do actually pursue sustainable practices. Even if you're just getting started, taking steps toward conservation will impress younger potential tenants. Do remember to use social media when marketing your available residences. (NOT Facebook!) Do look for sustainable features you already have in place but might not think of to feature in listings and promotions. Sustainability isn't just EV charging stations or solar panels on the roof! Those things are great, but less sexy, everyday features like lower volume toilets, smart lighting, available recycling pickup and energy efficient appliances matter too. Do mention if you're using a Ratio Utility Billing System (RUBS) to inspire your residents to conserve through accountability and education. Attracting younger residents who are spending more of their income on where they live makes for a better bottom line. Highlighting sustainability practices in your marketing efforts is key to reaching that audience.
It's OK to be a Scrooge with Utilities this Holiday Season!
It's the most wonderful time of the year! But all those wonderful light displays and colder temps come with a hefty price tag. A few simple changes can help trim utility bills for you and your Residents while saving both energy and water. Be sure to share this list of handy tips with everyone in your properties. What's good for the planet is good for your wallet!
Explore More Energy Savings News in the Inflation Reduction Act
Last month, we told you about the great investment incentive tax credits the Inflation Reduction Act offers investment owners of rental properties. Before the IRA was passed, those tax credits were only offered to homeowners who lived in the property they upgraded with solar, wind or other renewable energy. It's a huge new benefit for Housing Providers! But the IRA, the single largest government investment in clean energy, goes much further to promote the widespread use of renewable energy, electric vehicles and other tactics to conserve our natural resources.
The Inflation Reduction Act & Renewable Energy: How Much Can You Save?
The Inflation Reduction Act, also known as the IRA, includes great news for multifamily housing providers ! While residential tax credits were available to homeowners who installed solar panels or invested in other forms of renewable energy, rental property owners were excluded from those credits unless the owner lived onsite. The IRA now offers investment Housing Providers the same credits – up to 30% of the price! – that owners who occupy housing have been able to take advantage of for years.
Housing Providers Must Know How To Address These Common Challenges
Along with the benefits, managing a residential property comes with challenges and responsibilities. Read on for a handy guide to three of the most common problems Housing Providers face and how to handle them without alienating your Residents.
Simple Ways To Save Water This Summer
In summer, water usage can account for as much as 50% or more of your monthly utility bill, depending on where you live. Learning how to conserve water during the hottest months not only can save you money, but it’s good for the planet. It’s doubly important to think about ways to save on water this summer.
New Water Restrictions In Effect For Millions Across Southern California: Here’s What You Need To Know
More than 6 million Southern California residents will be affected by water restrictions which have taken effect on Wednesday, June 1. That means many of us will have to limit outdoor watering to one day a week. In L.A, it'll be two days a week.
6 Tips to Help You Save Energy This Summer
As temperatures continue to rise, staying cool this summer means an increase on your utility bills. While the rising heat impacts financial and environmental factors, there are habits you and your Residents can apply to your daily summer living to reduce those financial and environmental impacts. By following these simple summer energy-saving tips, you and your Residents can keep the temperature, and your budget, well within your comfort zone.
Maximize Your Multifamily Property’s NOI with Utility Billing Best Practices in 2023
Utility cost recovery is critical to maximizing a multifamily property’s NOI. Non-payments (and late payments) impact cash flow and the homeowner or property manager’s ability to properly budget.
4 Common Utility Billing Mistakes That Hurt Your Bottom Line
In a world of softening rental markets and rising utilities, utility cost recovery is essential to your bottom line! Even a simple mistake in your billing system can end up costing thousands. Avoid these four common utility billing errors to keep your investments healthy.
Leasing: What A Property Manager Needs To Know About Rent Control
Rent control refers to legislation restricting rental rates in a city or state. The maximum rent that can be charged for a unit and the amount that the rent can be increased per year varies per municipality. Cities use rent control laws to regulate the housing market.
Save Money On Utility Bills With This Internet-enabled device
What is a Ratio Utility Billing System? (RUBS) Simply put, RUBS divides utility bills among residents of a property based on predetermined criteria. A cost-effective solution for property owners to recoup expenditures while also proportionately sharing conservation responsibility with residents in a fair and acceptable manner. Beyond the financial benefits, conserving the Earth's natural resources is in our collective interest.