Thanks to the recent downturn in the economy, most of us have found ourselves in the unusual situation of having to take the time to truly analyze our financial situation and to start making some serious decisions about our present and future spending expenditures. While the recession was, obviously, a difficult and challenging situation for most – the reality is that it made many of us stand up and take notice of just how fleeting money, investments and a secure future could truly be.
Landlords, and in particular, those who own rental properties such as housing units or apartment buildings, have, no doubt, felt a particular financial sting – thanks, in part, to all those expenses that somehow constantly arose and, nowhere is this more obvious than when it comes to the rising cost of water and sewer services.
Utility companies typically only provide water to an apartment building or housing unit through a “master” meter and then bill the property owner directly. This was usually “included” directly into the tenant’s monthly rental payment no matter how much the master bill increased.
Thankfully, landlords now have the option of installing submeters. This method of monitoring water usage means that each unit has an individual water meter and is billed accordingly. The landlord is now out of the loop and is no longer responsible for the upkeep or monitoring of the meters, and, more importantly, is no longer responsible for any of the financial aspects associated with it.
Submetering is actually an extremely fair and affordable method of ensuring that everyone pays their fair due when it comes to usage – be it for water, gas or electricity. While the landlord continues to be responsible for the apartment building maintenance and other related issues, they no longer have to worry about making sure that each and every tenant is charged properly for their usage or whether they are fiscally and financially responsible in paying their bills.
From the tenant’s point of view, they can finally be charged the actual cost for the water, sewer, gas and/or electricity they use. It really is a win-win situation for everyone involved.