Latest stories on utility-billing

Ratio Utility Billing Systems offer Housing Providers a comprehensive solution to streamline utility consumption tracking and billing processes while maximizing their bottom line. Housing providers often face the challenge of managing utility consumption, billing and administrative tasks while ensuring accurate and timely billing for Residents. This is where Ratio Utility Billing Systems (RUBS) step in to streamline operations and alleviate the burden Housing Providers face of calculating and figuring every month. These systems leverage technology to automate processes, enhance accuracy, provide transparency and improve overall efficiency. Check out these 5 key ways Ratio Utility Billing Systems streamline operations for Housing Providers:

In the rental industry,  utility billing is full of misconceptions, especially among Residents. Master-billed utility costs are often simply divided equally among units, or included with rent, regardless of each Resident’s consumption. But with the emergence of Utility Billing Systems, there is a better option for Property Owners, one that is accurate, transparent and fair.  Even so, Ratio Utility Billing (RUBS) at times faces pushback from Residents due to misunderstandings of purpose, calculation complexity and perceived unfairness.  

The unwarranted pushback leads to hesitation on the part of Property Owners and Managers to utilize the benefits of Ratio Utility Billing Systems. Clarity and understanding of how Ratio Utility Billing Systems work is essential to eliminate pushback on RUBS and enhance its positive impact on conservation - and Housing Provider revenue. 

As the demand for housing intensifies and urban spaces become more constrained, innovative housing solutions are gaining traction. Accessory Dwelling Units (ADUs) have emerged as a practical and sustainable approach to address housing challenges while making the most of available space to create small, affordable housing opportunities. But with the inclusion of ADUs on a property comes the challenge of fairly recovering utility costs. Ratio Utility Billing is the answer!  Read on to learn more about how you can make the most of this revenue-generating opportunity. 

For many Housing Providers, offering "utilities included" rent packages was once a competitive advantage, attracting Residents with the allure of predictable monthly costs. However, in today's economic climate, this seemingly convenient practice can quickly devolve into a financial tightrope walk. 

Nationwide, utility bills are soaring at an alarming rate, outpacing the ability of Housing Providers to adjust rents in accordance with these rising costs. That includes water, sewer and trash bills, especially in places affected by drought and aging water system infrastructure. This discrepancy is particularly acute in jurisdictions with rent control measures, leaving Housing Providers caught in a vice of escalating expenses and limited revenue streams. But there is a light at the end of that particular tunnel.

As a Housing Provider, one of the most fundamental responsibilities you have is collecting rent, and in some cases, utility payments from your Residents. Unfortunately, it is not uncommon to have Residents who fall behind on their payments for rent and utilities, leaving you to navigate the difficult and often uncomfortable process of collecting those outstanding bills. 

We know that Housing Providers like you want positive and professional relationships with your Residents.  Unfortunately, those relationships can become strained when it comes to managing late payments. We’ve already talked about best billing practices, but even the best systems and efforts can’t prevent late payments sometimes. To help you maintain positive relationships with your Residents, follow these best practices when dealing with delinquent payments, whether on rent or utilities, to maximize your cost recovery. 

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.

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.