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How to RUB your Residents

How to RUB your Residents
You’re out at a restaurant having dinner with several of your friends. The drinks are flowing, the conversation is engaging, and the food couldn’t be better. It’s a great time until the bill comes. The mood quickly changes as everyone tries to figure out how much money to pony up. Someone suggests splitting the check evenly, but that’s clearly not going over well with the person who only ordered a salad. Your vegetarian friend doesn’t want to pitch in for the table’s calamari, and a few of your friends didn’t drink any of the wine that was ordered for the group. Most likely, someone will leave for the night feeling like they paid for much more than they consumed. Divvying the utility bill for a multifamily property can be a lot like dining with a large group of friends. Fairly allocating the charges isn't always cut and dry. If you’re lucky, your property is equipped with submeters, which will give you a precise reading of what each unit is responsible for. However, submeters aren’t feasible at every property, which leads many property managers to use RUBS when allocating resident utilities. RUBS stands for Ratio Utility Billing System, and is a cost-effective and fair alternative to submeters. RUBS essentially divides a utility bill among your residents based on certain criteria. Different utility types can often influence what RUBS formula a property uses. If you are thinking about billing back for utilities and want to implement RUBS, here are the different calculations to consider. Occup......
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