Every residential house has an electric meter to measure the amount of electrical power consumed on the premises in real-time. They also have an equivalent water meter for measuring the amount of water usage. Utility companies depend on electric and water meters to accurately calculate a customer’s utility bills at the end of each month. For example, whenever someone in a house activates an electrical appliance, flicks a light switch, or turns on their computer, the electric meter tracks the electricity delivered to those items. Whenever someone turns on a faucet or dishwasher, flushes the toilet, or takes a shower, the water meter measures the water usage for those actions. Most single-family homes and multi-family homes have one electric meter and water meter installed. That might be fine for a single-family home with only one tenant living under the roof. But if you are a landlord renting out individual units of a multi-family home to several different tenants, you need to be able to track the utilities used in each unit. After all, your primary utility meters measure the total electricity and water used in all the units and then give you one big electric bill and water bill at the end of each month. But if you want to measure the individual utilities consumed in each unit, you will need to install an electric submeter and water submeter in them. If you need submetering installation services at your multi-family property, contact us today to discuss your project: Contact Peak Renovations
Source: NextCentury Submetering
Learn More About Submetering for Multi-Family Properties
The National Apartment Association and the National Multi-Housing Council have both conducted studies into the benefits of submetering multi-family properties. What they found was that individual apartments and housing units consume between 18% and 39% less water when submeters are installed in them. Landlords, owners, and property managers have the most to gain from submetering their multi-family properties because they can bill their tenants for their utility consumption more accurately. Instead of dividing the total utility bills amongst the tenants evenly, you can send a more precise electric bill and water bill to each tenant based on the amount of utilities they consumed in their unit.
Here are the top reasons why you should submeter your multi-family property:
- Bill tenants more fairly and accurately for the utilities they consume.
- Permanent submeter installations can increase the value of your property.
- Landlords can improve trust and build better relations with their tenants.
- Encourage more power and water conservation from your tenants because they will want to use fewer utilities if they know submeters are actively measuring it.
- Tenants will save money by not paying more for electricity than they consume.
- Fewer utility expenses for landlords.
You can hire professionals to install submeters on new and old multi-family properties. The installation is an affordable investment when you consider the benefits it will provide to you and your tenants. It even promotes environmental friendliness due to the incentive to conserve more power.
Contact Peak Renovations if You Need Submetering for Your Multi-Family Property
Water and electric submeter installation services are available for all types of multi-family properties, whether they are apartment buildings or houses. We recommend installing both types of submeters in each unit that you rent out to tenants to enjoy maximum financial and environmental rewards from it. If you need submetering installation services at your multi-family property, contact us today to discuss your project: Contact Peak Renovations
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