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How You Can Afford to Retrofit Your Multifamily Property with Submeters

How You Can Afford to Retrofit Your Multifamily Property with Submeters
I’m embarrassed to admit how many plates of food I consumed the last time I dined at a buffet. It’s always the desserts that lure me in. Chocolate tortes, soft serve ice cream, cake… I will sample all.the.things. If it looks remotely sweet, it goes on my plate. If I try it and it doesn’t appeal to my sweet tooth, no big deal. After all, I’m not paying per item and I gotta get my money’s worth, right? If you spotted me at a regular restaurant where I was paying per item, I’d definitely be more mindful about overdoing it. Residents in multifamily properties who aren’t being held accountable for their utility consumption usually have the same gluttonous mindset that buffet diners do. If they aren’t being billed for their actual utility consumption, they are far less conservative with their usage. In fact, according to Fannie Mae’s Multifamily Energy & Water Market Research Survey, when apartment owners paid for all energy costs, median annual energy use was 26% higher than when tenants were held accountable for their usage. That’s why so many apartment operators (and lawmakers) are turning to submeters. Submeters precisely track each apartment unit’s utility consumption, allowing property management companies to accurately bill their residents for their share of the bill. Submeters are so effective at driving water conservation that drought-sensitive California recently passed a law requiring water meters to be installed at individual apartments starting with new developments in 2018. Even though the law doesn’t apply to existing multifamily structures, o......
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