Hey Folks - Looking for some advice here...
I have a property with a single steam boiler and three apartments spread out on three floors of the building. I currently pay for the utilities but, without fail, I'll drive by the house during the winter and see windows open because the tenants are too ____________ to bend down and adjust the individual radiators in their apartments. There is currently one thermostat for the whole building located on the ground floor in apartment 1.
I know there's no good way to split the gas utility in such an old house, so I was exploring the idea of installing electric baseboard heaters and simply splitting the electric utility for the tenants to pay for themselves. I realize that gross rents would likely fall, but I would also stop paying the stupid gas and electric bill that comes every month!
Looking for some general thoughts. Bad idea, good idea. Worth exploring? Can I cut costs by approaching my steam boiler with a different strategy? Wifi thermostat? I'm open to new ideas!
Good idea to split utilities, but tenants know that electric heat is the most expensive. Many will be turned off. Have a plumber come through and take a look - splitting the radiator lines so they are separate for each unit and getting 3 separate boilers and meters is not always as expensive as it seems.
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