The Inflation Reduction Act, also known as the IRA, includes great news for multifamily housing providers! While residential tax credits were available to homeowners who installed solar panels or invested in other forms of renewable energy, rental property owners were excluded from those credits unless the owner lived onsite. The IRA now offers investment Housing Providers the same credits – up to 30% of the price! – that owners who occupy housing have been able to take advantage of for years.
Managing a residential property comes with several challenges and responsibilities. Here are three of the most common problems property owners or homeowners face and what you can do to work through them.
In summer, water usage can account for as much as 50% or more of your monthly utility bill, depending on where you live. Learning how to conserve water during the hottest months not only can save you money, but it’s good for the planet. It’s doubly important to think about ways to save on water this summer.
More than 6 million Southern California residents will be affected by water restrictions which have taken effect on Wednesday, June 1. That means many of us will have to limit outdoor watering to one day a week. In L.A, it'll be two days a week.
In the last few years, the United States and Canada have experienced some of the hottest summers on record. The ten warmest years on record are 2019, 2016, 2015, 2017, 2018, 2014, 2010, 2013, 2005, 2009, and 1998.
Utility cost recovery is critical to maximizing a multifamily property’s NOI. Non-payments (and late payments) impact cash flow and the homeowner or property manager’s ability to properly budget.
Utility cost-recovery is essential to a property owner’s bottom line, even a simple mistake in your billing system can end up costing thousands. Here are the five most common utility billing errors owners make and how to fix them.
1. USING THE WRONG SUBMETER SUPPLIER
Submeters work by sending out pulses that represent the amount of utility consumed. You must obtain the raw read from the meter in order to determine the true consumption of a unit. To acquire genuine gallon amounts, multiply by the pulse multipliers.
Rent control refers to legislation restricting rental rates in a city or state. The maximum rent that can be charged for a unit and the amount that the rent can be increased per year varies per municipality. Cities use rent control laws to regulate the housing market.