Tracking utility data is the first step in cutting these costs. It’s not hard to do and well worth the effort.
The first step is to input utility rates and monthly consumption into a database so you can compare month over month and year over year.
Then look at your rate and investigate if you could you be getting a better one. Does your utility company have a special rate for multifamily properties, or is your apartment community considered residential or commercial? These differences can affect the rate. If you are in a deregulated market, you might look into getting a better rate with another provider.
Now look at your consumption and compare it with that of apartment communities of a similar age and geography. How do you rank? If your usage is high, it might be time to invest in water- and energy-efficiency retrofits.
If your apartment community doesn’t already have submeters, consider installing them. They not only encourage residents to consume less—15 percent less, according to RealPage Utility Management Vice President Howard Behr—but they will also make it easier to spot leaks.