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How to Increase and Maximize Your Rental Income Without Raising Rent?

How to Increase and Maximize Your Rental Income Without Raising Rent?

Water prices have exploded across the US in the past few years. If you’re a landlord, you may well have noticed your water bills increasing year on year.

However, due to rental control laws in the tri-state area, you may have been unable to raise rental prices to match these increasing utility costs. If you’re looking at areas to recoup some expenses, then a great place to start is working out how to lower your water and energy bills to increase your profits.

How to Increase and Maximize Rental Income?

Your gas and water bills in your buildings are higher than they need to be, and there are steps you can take as a landlord to reduce these bills.

Evaluate Your Hot Water Heater 

If your monthly bills are high, it's worth having your hot water heater evaluated. If you're going through the process of choosing a water heating system, make sure you select one which will provide you with enough hot water while remaining energy efficient.

Old hot water heaters aren't as energy efficient as newer models. Most heaters last between 10-15 years. If yours is getting up there in age, then it's time to look at replacing the heater. If a replacement isn't viable, at least have a plumber take a look at the machine to see if it's functioning efficiently.

Look for and Fix Leaks

According to the Environmental Protection Agency, the average family can waste 190 gallons of water per week or 9,400 gallons of water annually from household leaks, which equates to hundreds of dollars in bills each year.

A running toilet (a toilet that continually runs even when it’s not in use) can waste thousands of gallons of water each month. This can equate to approximately $200 per month, nearly $2500 per year in unnecessary water costs.

Making sure you fix leaks when you come across them is imperative. By doing this, you could take a considerable amount off your water bill. 

Even if the leak is a minor one, it’s worth getting it repaired as quickly as possible. You’ll want to inform new and existing tenants that they should report any leaks as soon as they come across them. This way, you can make sure any leaks are fixed as quickly as possible.

Get Tenants Involved

A great way to encourage tenants to be more careful with their water usage is to offer them incentives. If you motivate tenants to use less water or be more cautious about their usage, it can seriously help lower your water bills. Some ways to get tenants to work with you on this include:

  • Rent discounts commensurate with the water savings
  • Vouchers or gift cards
  • Run a competition among the tenants - the winner gets public recognition and a prize

Update Your Facilities

The toilets or showers in your buildings may be outdated. Modern toilets use far less water than older toilets. The Energy Policy Act of 1992, which became law in 1994, mandates a maximum flush volume of 1.6 gallons for toilets manufactured and installed after this date.

It’s not unusual for toilets made up until the end of the 1970s to use anywhere between 5-8 gallons per flush, which is a lot more than newer toilets. If you have older toilets in your buildings, you can save a considerable amount of money by upgrading your toilets to a newer model. 

Upgrading the showers with tamper-proof water controllers is another way you can save on those monthly bills as they decrease the flow rate of water during a shower.

Check Your Landscaping

If you like to spruce up your buildings with plants, then consider getting some that don’t require a lot of water. 

Plants like agave, lavender, and cacti are all great options if you’re looking for plants that don’t need a lot of water to keep them healthy and beautiful.

How to Maximize Rental Income?

All the steps mentioned above can be useful in the long term to help you reduce water waste, but they aren't immediate solutions.

The Water Scrooge offers products that give you immediate solutions to your water billing issues. The Water Scrooge products can’t be tampered with. Meaning tenants won’t be able to tamper with any fixes you make, such as installing patented shower controllers.

If you’re worried about leaks occurring in your buildings, then The Water Scrooge can provide you with wireless sensors for your water fixtures and water risers in buildings so you can identify and fix leaks promptly. 

If you decided to take the leap and implement proper solutions to minimize water wastage, don’t be surprised to see your water bills drop, and more importantly, more money in your bank account each month.

Stop throwing money down the drain and contact us today