Reis’s third quarter report revealed that the national apartment vacant rate was 7.8 percent. This is the highest level in 23-years. Renters can request money-saving features to lower their bills. Although the economy is showing signs of improvement, there are still high unemployment rates, which has resulted in higher rental rates. 38 million renters are looking to become fiscally responsible.
Although walk-in closets and granite countertops were very popular in the past, today’s renter is more conscious about their budget and wants a well-built home that is energy efficient. ApartmentGuide.com reports that renters are looking for features that can save them money such as paid utilities and washer and dryers within units.
Renters who believe their kitchen appliances and laundry pair have not been replaced for many years should locate the serial numbers and model number on each unit. They can then contact the manufacturer’s customer care line to verify the year. ENERGY STAR estimates that upgrading appliances could save homeowners $75 per year on their utility bills.
Renters who have not had their appliances replaced in a while should ask for a new pair of laundry machines. Newer models are more efficient and landlords usually pay the water bill. A washer that is ENERGY STAR certified could save 17 gallons per load. This is roughly equivalent to a daily shower. The Maytag Performance Series washers are more efficient than traditional top-loaders, and they use up to 77 per cent less energy. The washer also has the unique Fresh Hold option with Dynamic Venting Technology. This combines intermittent tumbling with air circulation from the fan at the back of the washer to reduce moisture. Customers can delay drying for as long as ten hours. This technology allows clothes to dry in the washer while they are still wet. It also reduces drying time and increases dryer life.
Renters should also request an annual inspection of their heating, cooling, and insulation in order to make sure their unit is as efficient and cost-effective as possible. Heating and cooling are more than half of all utility costs. An annual inspection should include a thorough inspection of the attic, windows and doors to check for drafts. Also, a visit to every room in the unit to ensure that there is a consistent temperature. Incoming air or fluctuating temperatures could be a sign of duct problems, poor sealing, and/or improper installation. Older windows that were not upgraded regularly are more likely to have been installed without the modern standard of installation. Poorly performing ducts can cause a home to lose up to 20% of its efficiency and make it work harder.
You should also have your HVAC air filter changed every month. Neglecting to change the filter can lead to HVAC system failure. These efficiency inspections, upgrades or fixes can help renters take advantage of their market advantage, reduce their costs, and avoid the need to move in these uncertain times.
