As a landlord, you’re always looking for ways to save money on your rental properties. With rising heating and cooling costs, it’s more important than ever to cut your expenses. Here are five tips to help you save money on your utilities:
Proper insulation will keep heat in during the winter and out during the summer. This will help you save money on your heating and cooling bills. It’s also ideal for your tenants, as they’ll be more comfortable in their rental unit. The easiest way to insulate your property is to add insulation to the walls and ceilings. You can also install weather-stripping around doors and windows.
If you have the funds for more updates to your rentals, consider new windows and doors. Energy-efficient windows will help keep heat in during the winter and out during the summer. Energy-efficient doors will do the same and can also help reduce noise pollution.
Not only can these reduce heating and cooling costs, but they can also improve the sale’s value if you choose to sell your property.
LED lighting is more energy-efficient than traditional incandescent bulbs. Not only will you save money on your electricity bill, but you’ll also be doing your part to help the environment. Other benefits of LED lighting include a longer life span and improved durability. Install this lighting in all tenant areas, hallways, and outdoors to see the most significant savings.
Energy-efficient appliances can help you save money on utility bills, from refrigerators and ovens to washers and dryers. Although the expense is higher upfront, you’ll save money in the long run. Many of these appliances come with an Energy Star rating, which means they meet specific energy-efficiency standards set by the EPA.
Also, you can raise the rent with new, energy-efficient appliances to help offset the cost. These additions also make your property more appealing, which can help you attract and keep tenants.
A landlord thermostat is a great way to save money on your utility bills. This thermostat allows you to set different temperatures for different times of the day and week. For example, you can lower the temperature when your rental is unoccupied and raise it when tenants are home.
You can also set it lower at night or when the weather is cooler outside. These are tamper proof thermostats, meaning tenants can’t change the settings without your permission.
You can also give your tenants the option to change the temperature so they can be comfortable in their own space. Most landlords offer their tenants a set temperature range, such as 68-74 degrees Fahrenheit.
Teach your tenants about conserving energy, so they can do their part to help lower your utility bills. For example, they can:
These are only a few of the ways your tenants can conserve energy. To learn more about landlord thermostats and how they can save you money, Shop Now!