2023 is here! Whether or not you set resolutions, it's natural to look for ways to improve your business at the beginning of a new year. This is a great time to think about building and bettering your properties for the sake of your business growth and development. The health of your business is everything. You can't serve tenants without a healthy bottom line.
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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.
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.
What is a Ratio Utility Billing System? (RUBS)
Simply put, RUBS divides utility bills among residents of a property based on predetermined criteria. A cost-effective solution for property owners to recoup expenditures while also proportionately sharing conservation responsibility with residents in a fair and acceptable manner. Beyond the financial benefits, conserving the Earth's natural resources is in our collective interest.