Should I split water meters for duplex?
Hi everyone,
I just purchased a duplex in Grand Rapids, MI. The norm in the area for multifamily units is for tenants to pay all utilities except water. Because of this most duplexes have one water meter and the owner pays the bill, approximately $600-$800 for the year total (both units combined). My question for you is should I spend a small amount of money to put in a new meter (assume $600) and attempt to put water on my tenants?
I continue to go back to my theory that you only need to convince one potential tenant (2 in the case of a duplex) that it’s worth renting. Also, it’s easy to tell potential tenants they pay all utilities, when comparing to other places it’s not a noticeable difference in my eyes. Maybe some will be turned away but I wouldn’t think all. Even an extra week or two of vacancy would be worth it if I can get rid of the water bills.
Thoughts? Thanks!!