How to Manage Your Utility Expenses

Admin
Published Date: 2023-10-04

Are you searching for methods to maximize your income by renting our temporary furnished houses? There are tons of tricks of the trade and one involves managing your utility expenses. While you could increase your rental prices or offer extra amenities to make up for the costs, that isn’t always the best option. Consider some of the tips below.

Add LED Lighting

Simply adding LED lighting where you have traditional lights could save you up to 80% on lighting expenses. More landlords are switching to this kind of lighting, both for cost savings and because the lighting is better and brighter. LED lights are low maintenance and have perks like different color temperatures and dimming. They can also last for up to two decades.

Install Energy-Efficient Appliances

Another great way to save money is by placing energy-efficient appliances. This is a great way to cut down on power consumption in corporate housing. Everything from washers and dryers to water heaters, dishwashers, and microwaves comes in energy-efficient models that offer a variety of great benefits.

Set Utility Allowances

One of the best ways to cut down on exorbitant utility expenses is by setting an allowance. Essentially, this means that the tenants are allowed to use a certain amount of each utility and are charged if they surpass that amount. You don’t want to set the allowances too low, though. Consider what the average utility costs will be and set it at or above that to avoid frustrating tenants.

Include Terms in Your Lease Agreement

Every person who offers temporary furnished houses should have a lease agreement. It will need to be updated on occasion to ensure you’re giving all the needed information to your tenants. Make sure that your utility rules are provided in the agreement so everyone is on the same page. This includes utility allowances and other systems.

If you’re offering business travelers temporary furnished houses, CHBO is here to assist with a large part of the work. You can list your properties along with all their amenities and get your ad in front of people looking for homes just like yours. We also offer other services to streamline your business.