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Annual water rates increased by an average of almost 13% across the nation as we entered 2011. This can add up to big expenses for multi-family housing owners and managers.
This rise in rates is partially due to stricter regulation by the Environmental Protection Agency as they crack down on water quality and distribution. Additionally, the repair cost for dilapidating municipal water infrastructure is driving water rates up.
Landlords and managers are often turning to sub-metering their units to protect themselves from harsh utility increases.
And the results are clear: when tenants pay for their own water, they are much more conservative in their use. Sub-metering multi-family housing buildings is an effective way to promote eco-responsibility and guard against rising water rates.
Do you think that sub-metering is an effective tool in Seattle? Would water usage be any different in our already eco-friendly city if more tenants paid for their water? Share your thoughts in the comments below, on our Facebook page or on Twitter!
Read more about submetering in this month’s UNITS e-magazine.
ADP released it’s national employment report for January this morning and the prognosis was good.
ADP announced that the private-sector employment had increased by 187,000 over December’s employment numbers.
What does this mean for the rental market? Well, cities with strong job markets (such as Seattle) are the first to add positions and draw in new employees. Often the newly employed prefer to rent instead of own immediately because of the greater flexibility in renting.
How do you see the rental market affected by the growing number of jobs out there? Do you see this in Seattle, or does this national data seem disconnected from the local job market? Chime in on Facebook, Twitter or in the comment section below!
*Update 11:10 am (2/4/11): The Bureau of Labor Statistics released the January Employment Situation Summary, and it contained more good news! Unemployment fell nearly half a percent from December. Read more here.