Saving Money on Rental Homes in the Winter: Advice for Landlords

Posted by Glenn Bancroft

Saving Money on Rental Homes in the Winter: Advice for Landlords

 

Even though Arizona doesn’t see particularly harsh winters, temperatures can still hover around freezing on the coldest nights of the year. And with these colder temperatures can come a higher gas and/or electric bill, especially for landlords. The good news? There are plenty of ways to save money on your rental during the cooler months of winter.

Schedule an Energy Audit

If you haven’t done so already, consider scheduling an energy audit with a reputable company. This can be a great way for you to find out where your rental property stands in terms of its overall energy efficiency.

The report you receive after your audit will contain valuable information and advice on practical steps you can take to improve energy efficiency and save money, such as upgrading or adding insulation.

Don’t Overlook Furnace Maintenance

Your rental’s furnace will be working hard over the winter, so you’ll want to make sure it’s prepared for regular operation. Scheduling a furnace tune-up and inspection is the hands-down best way to keep your furnace in great working order and to avoid the need for costly repairs or premature replacement.

In addition to tune-ups and inspections, make sure the filter on your rental’s furnace is being swapped out with a fresh one at least once every 90 days.

Invest in a Smart Thermostat

If your rental is still using an old-school mercury thermostat or even a programmable thermostat, now is a good time to invest in a Wi-Fi-enabled “smart” thermostat. This will not only upgrade your rental with the latest in high-tech equipment (which will impress your tenants) but will also help your tenants keep the space comfortable all winter (and summer) long without sacrificing efficiency in the process!

Adjust Your Water Heater’s Settings

When you think about saving money on furnace-related costs, it’s easy to overlook other related expenses that landlords often see around this time of year. Fortunately, there are some simple steps you can take to keep these other costs under control during the winter months.

Start by checking your rental’s water heater and adjusting its settings. If it’s not already set to maintain a water temperature of 120 degrees Fahrenheit, it should be. Anything higher than that could be wasting money on your utilities.

Whether your water heater uses gas or electric power to operate, lowering the temperature on it can make all the difference, especially during the winter months.

Furthermore, keep in mind that your furnace isn’t the only major appliance that should be tuned up in preparation for the winter months. At least once a year, it’s a good idea to have your water heater serviced and flushed. This will help to remove sediment and other debris that could otherwise lead to rusting and corrosion of your tank.

Need Help Saving Money at Your Rental Property?

Implementing these tips at your rental can save you a lot of money this winter while keeping your tenants comfortable. Looking for more help in better managing your Tucson rentals or bringing in more monthly rent? Our team is here to assist you! Contact Bancroft & Associates today to get started.

 

Sources

https://besttucsonhomesforrent.com/

https://blog.constellation.com/2019/03/05/what-is-a-home-energy-audit/

https://ushomefilter.com/how-often-change-hvac-filter

https://www.thisoldhouse.com/plumbing/21016402/how-to-maintain-a-water-heater

 

 

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Updated: 14th August, 2019 8:02 AM.