Multifamily utilities have been significantly impacted since the pandemic began. Stay-at-home residents are using more water, gas and electricity during the new normal, and reducing utility expenses is more important than ever. What’s more, this greater consumption is piling atop a confusing energy and utility landscape. Out-of-control water, gas and electric expenses pose problems for both property managers and residents, especially when the operational landscape changes virtually overnight. Higher costs stress budgets and NOI, and residents who feel an excessive pinch in monthly bills may not renew. But you can mitigate the pain by fully understanding what is driving the high utility expenses. It’s all in the data. A growing problem In an informal poll, 66% of property managers tuned into the webcast “Adapting Your Utility Management Program to Today’s Environment” said their biggest challenge is reducing utility expenses. This would come as no surprise to industry leaders, who say that water, gas and electric costs are normally at the top of their expense lists. Utility rates are complicated, and regulations set by local and state jurisdictions are often difficult to administer without the help of a professional services provider. Companies trying to handle utility management in-house often can’t keep up. And this can mean a hit to the bottom line. RealPage Senior Vice President of Utility Management Mark Coffman says operators can control their utility expenses by examining data, and that lots of it is available. Utility providers are producing more and more data as benchmarking mandates increase across the board. Recognizing changes in this data allows operators to make a difference. “We are seeing a lot of change in data because we’re seeing more data coming from the utility providers than we have in the past, and this data is actionable,” Coffman says. “RealPage is working hard to present the...

Multifamily utilities have been significantly impacted since the pandemic began. Stay-at-home residents are using more water, gas and electricity during the new normal, and reducing utility expenses is more important than ever. What’s more, this greater consumption is piling atop a confusing energy and utility landscape. Out-of-control water, gas and electric expenses pose problems for both property managers and residents, especially when the operational landscape changes virtually overnight. Higher costs stress budgets and NOI, and residents who feel an excessive pinch in monthly bills may not renew. But you can mitigate the pain by fully understanding what is driving the high utility expenses. It’s all in the data. A growing problem In an informal poll, 66% of property managers tuned into the webcast “Adapting Your Utility Management Program to Today’s Environment” said their biggest challenge is reducing utility expenses. This would come as no surprise to industry leaders, who say that water, gas and electric costs are normally at the top of their expense lists. Utility rates are complicated, and regulations set by local and state jurisdictions are often difficult to administer without the help of a professional services provider. Companies trying to handle utility management in-house often can’t keep up. And this can mean a hit to the bottom line. RealPage Senior Vice President of Utility Management Mark Coffman says operators can control their utility expenses by examining data, and that lots of it is available. Utility providers are producing more and more data as benchmarking mandates increase across the board. Recognizing changes in this data allows operators to make a difference. “We are seeing a lot of change in data because we’re seeing more data coming from the utility providers than we have in the past, and this data is actionable,” Coffman says. “RealPage is working hard to present the...