Even when you can offer competitive rental rates for your rental properties, there are other important factors that prospective tenants will look at in order to get the best possible “total cost of occupancy”. One of the most important factors in the rental market today, apart from rents, is the overall energy costs for the unit.
Since most tenants will be paying their own heating and electricity bills, it is important to show that these costs have a big influence in the overall value they see in your property. If you have maintained or upgraded your unit with the latest technology for heating and cooling, and ensured the best possible insulation, doors and window installations, those savings will be realized by your tenants over the long run. You can benefit from these improvements by showing your property as environmentally friendly, getting stronger market interest and seeking higher than market value for your rentals.
Energy efficient rental properties can charge a premium
Your tenants will also feel better knowing that they are living in an energy efficient building and are willing to pay a premium in rent when they realize that the utility costs are as low as possible. Work with your Property Management professionals to get advice and action plans to ensure your income property is getting its best return by integrating energy efficiency in its design and marketing potential.
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