Last month, we told you about the great investment incentive tax credits the Inflation Reduction Act offers investment owners of rental properties. Before the IRA was passed, those tax credits were only offered to homeowners who lived in the property they upgraded with solar, wind or other renewable energy. It's a huge new benefit for Housing Providers! But the IRA, the single largest government investment in clean energy, goes much further to promote the widespread use of renewable energy, electric vehicles and other tactics to conserve our natural resources.
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.
Along with the benefits, managing a residential property comes with challenges and responsibilities. Read on for a handy guide to three of the most common problems Housing Providers face and how to handle them without alienating your Residents.
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.
As temperatures continue to rise, staying cool this summer means an increase on your utility bills. While the rising heat impacts financial and environmental factors, there are habits you and your Residents can apply to your daily summer living to reduce those financial and environmental impacts. By following these simple summer energy-saving tips, you and your Residents can keep the temperature, and your budget, well within your comfort zone.
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.
In a world of softening rental markets and rising utilities, utility cost recovery is essential to your bottom line! Even a simple mistake in your billing system can end up costing thousands. Avoid these four common utility billing errors to keep your investments healthy.