Property owners nationwide should anticipate across-the-board utility increases in 2021, with some jurisdictions expected to see double-digit rate hikes. Yet there are proactive steps owners can take now to hedge against these additional expenses.
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With retail and hospitality industries in a perpetual state of uncertainty since the global pandemic started in 2020, real estate investors have been drawn to multifamily properties. There is particular excitement about properties in areas outside of major metros, like Jacksonville. During the pandemic, these more affordable, less dense areas have become newly popular with former urbanites looking for more space and easier access to nature.
Nationwide, property owners should expect across-the-board ongoing utility increases, with some jurisdictions expected to see double-digit rate hikes. According to a survey from the U.S. Energy Information Administration, the residential electricity price nationwide increased just under 1% between 2020 and 2021, continuing an upward trend - rates have gone up 6% in the last decade.