Renting with Utilities Included

[JBagorio]

QUOTE (GreatNorthernInvestor @ Sep 18 2009, 07:49 PM) Thanks for bringing up the smart meters. I looked it up right away sounds like it will be more efficient

It looks like most of the implemtations of the Smart Meters are in Ontario. In Calgary, Enmax are in the process... http://www.creatingcalgary.ca/news/smartmeters

 

[nubiwan]

I wrestled with this issue for the last 2 years with one property. An older home. I iniitally looked at getting a separate meter installed but got a run around and it`s difficult to find a tradesman to do it.

In the summer, my total utility bill is $150, in the winter it has been as high as $900 for a 2400 sq ft home. Each year I get an averaged figure for total usage from the power company. I then put this on a monthly payment plan so it averages $530 each month. I calculate my rents based on this number, and add a little for tenants being wasteful. They do leave windows open in the winter.

It is not optimal, but not sure how I can go back and ask them to start sharing the utliities. Perhaps incent them with lower rents and the opportunity to save by being frugal with their power bill. In the end, it`s a hassle to be honest.

Would welcome ideas.

 

[invst4profit]

You will probably have to wait till they move and then set up a new system with the next tenants.
Have your present tenants been there very long.
In Ontario, due to rent controls, having long term tenants generally results in having rents fall below market making a change of tenants a good thing. Ontario is one case where having good long term tenants is not necessarily a blessing as you have seen.
I have several and they all know, and comment, that they are a drain on my business. I know them all fairly well, they are good tenants but not ones I want to keep, and half joking regularly ask them when they are moving. Personally I wish it was today.

Maybe you could find a way to encourage your tenants to move....