The Unintended Cost of Vacant Apartments

According to SatisFacts Research, LLC, the average vacant home costs apartment owners $3,000 in lost rent, utilities, turnover costs, advertising and marketing costs etc. What is often not mentioned is that vacant apartments are a sitting time bomb of destruction when left unattended. Those communities unfortunate enough to have an abundant supply of vacant homes sitting for months should know that these homes are susceptible to water, mold, insect and rodent damage sometimes so extensive that it has cost community's tens of thousands of dollars to repair. To diminish potential costs from damages it is vitality important to manage vacant homes with care and inspect them regularly.

Vacant homes should be inspected weekly; however this expectation may be unrealistic for an on-site team that is dealing with an oversupply of vacant homes. Remember on-site teams still have to make homes ready for new residents, complete preventative maintenance schedules and service existing residents. At the very least a rotating schedule should be put together so that someone touches a vacant home once every two weeks. The inspection only takes a few minutes and should require someone to:

• Walk through every room and look in every closet.
• Look for any leaks or evidence of moisture.
• Check to ensure home's temperature is properly set.
• Randomly check the windows to ensure they are secured.
• Check to make sure the electric hot water heater is turned off at circuit breaker box or fuse box.
• Check to make sure the refrigerator and freezer doors are propped open.

When a home is initially vacated, a thorough move-out inspection should be completed and the following items should be taken care of in the event the home is not immediately slated to be made ready for a new resident:

Food and Debris - To help prevent rodent and insect damage remove all food and trash from the home and vacuum the carpeting to ensure there is no food particles left on or in the fibers.

Refrigerator, Freezer and Other Kitchen Appliances - Clean out the refrigerator and freezer. Wipe up any food residue and prop the doors open to prevent mildew from forming. To save on utility costs, turn off the refrigerator, freezer, range and microwave at the circuit breaker or fuse box.

Setting the Proper Temperature - In colder months lower the thermostat to 55°F. This is warm enough to keep pipes from freezing but low enough to save energy. In warmer months, set the thermostat to 85°F to prevent damage to fixtures from the high temperatures and humidity.

Protect Plumbing - Pipes, water heaters and other appliances can leak, or in freezing weather, pipes (both plastic and copper) can freeze and burst, which can cause major damage in a home left unattended. Insulate the pipes that are most susceptible to freezing. Turn off the water supply to individual fixtures like the washing machine, icemaker, toilets and sinks. Flooding often occurs when hoses are worn or ruptured, or there is a leak at the connection.

If the apartment home is susceptible to or has had a history of leaks or frozen pipes consider installing an electronic leak detection system. When water touches the sensor, the valve closes, protecting everything downstream. Some systems can also alert remote security monitoring services. Similarly, consider temperature sensors which detect freezing pipes and send out remote alerts.

Sinks & Tub Drains - Put stoppers in the kitchen sink and close the stoppers in the other sinks and tubs to slow the drying of the P-traps.

Hot Water Heater - Check the temperature & pressure relief valve on the hot water heater to be sure the lever is functioning. If the valve does not work, repair it. Inspect the exhaust stack on gas fired hot water heaters to ensure that all pipe connections are secure & free of rust, corrosion, & obstructions. For gas water heaters, switch the unit to "pilot." Turn off electric water heaters at the circuit breaker or fuse box.

Leaks - Repair leaky faucets and running toilets. Check for any evidence of moisture around windows, plumbing and on ceilings and walls. Investigate and repair leaks quickly to prevent moisture retention that can cause mold and mildew.

Doors & Windows - Check all windows to ensure they are in good condition, tight fitting, fully operational and locked. Check all doors to ensure they properly seal and lock. Re-key door lock to a lock used during vacant or turnover process.

For more written by Gabriele Preston, go to http://www.multifamilymanagementconsultants.com/