If you own an Investment Rental Property in the Greater Orlando area, you need to understand what that entails. Homeowners and landlords are many times confused about what costs are associated with owning an income-producing property. Most importantly, you need to know your property. If you know your property well, you’ll likely see how the utilities are set up with the property or community, but how do you distinguish who covers the cost? We will discuss standard investment property utilities and who covers the cost. As your rental property investment company, we will also provide you with the conventional Utility Providers in the Orlando Area.
Single-Family Rental Property Utilities
Single-family real estate investors and homeowners in the Orlando market are typically safe when it comes to the cost of utilities. As professional property managers in Orlando, we place new tenants in rental properties like it is our job… Oh, wait, it is. When you’ve done it time after time, you realize many single-family homes will allow a homeowner or real estate investor to put utility charges as a tenant charge. Single-family homes will most likely be metered separately; this means both water and electricity have their separate meters. As a homeowner in Orlando, once you find a quality tenant make sure you inform them to have utilities switched into their name. As leasing professionals, we get asked at rental property showings, “Are there any utilities included”? Typically this will be a no, “utilities are going to be on the tenant.” Although, If your home is in an HOA, the community may include utilities, cable, internet, and other value-added services.
Multifamily Rental Property Utilities
Multifamily properties in the Orlando area will typically require the investor to cover the cost of water usage, but this will be property specific and also depend on how many units are involved. Many times duplexes and triplexes will be individually metered. Block style duplexes and smaller multifamily properties 25 units or less, water will be paid by the property owner (but again each property will be different.) As you search for multifamily real estate investments, make sure you ask your real estate professional whether the units are individually metered. If waters included in rent for each unit, you can typically ask more per unit. As a multifamily property manager in Orlando, we have realized that prospective tenants love added features/benefits for their apartment complex or multifamily property. If you are a multifamily real estate investor, when crunching your numbers, make sure utilities are accounted for in your calculations.
HOA Community Utilities
Typically here in Florida, the resort-style condominiums have water included in the HOA dues. In Kissimmee, Florida, or the Avalon Park, East Orlando Florida area, you will often find resort-style condo/townhome communities, including water in the rental rate. Water included in rent can be an excellent benefit for tenants. Rental properties, including any utility naturally, draws in prospects and can be the difference between your property and another rental property.
Central Florida Utility Providers:
1. Orange Utilities Commission:
2. Duke Energy:
3. Kissimmee Utility Authority:
4. TECO Energy:
5. Florida Power & Electric:
Greater Orlando Water Utility:
1. Orlando Utilities Commission:
2. Orange County Utilities:
3. Toho Water Authority:
4. Kissimmee Utility Authority:
Rental Property Utility Assistance
When you list your property for rent with The Listing Real Estate Management, we do all the utility setup and assistance for our tenants. We have a partnership with the best rental property utility setup company Citizen Home Solutions. They contact your tenant and get water, electricity, cable, and any other home feature setup. As one of the best Orlando property management companies, we perform all the many tasks your rental property requires. Partner with The Listing Real Estate Management and Citizen Home Solutions for Free, Easy, and Savings in Utilities in the Orlando market.
Property Management Conclusion
Utilities are an aspect of rental property investing that goes overlooked. To have a successful rental property, you must think about the little things that create an excellent experience for new tenants. At The Listing Real Estate Management, we are all about the little things. We create the best experience for property management in Orlando, Florida. If you have any questions, feel free to contact us. We are the trusted source for Orlando property management.