As gas and oil prices rise, landlords struggle to keep costs low

Oil prices are edging higher, leaving many landlords with the task of keeping heating costs low enough to retain tenants.

The cost of heating oil rose $1.89 in the New York Mercantile Exchange in early September. With prices hovering at $3.20 per gallon, a number of landlords have to face the question of how to keep heating costs down for their tenants.

In a July report, Martin & Co. stipulated that tenants are on the lookout for energy-efficient apartments that will save them money on oil and electricity costs. In order to improve tenant retention rates, Martin & Co. advises landlords to take a few steps to make their apartments more heating-efficient and cost-effective.

In an interview with Martin & Co., Carolyn Uphill of the National Landlords Association explains that an easy way to make an apartment more energy-efficient is to fit in heavy duty loft and cavity wall insulation. Improving insulation can have a quick and impressive effect on lowering heating costs.

Landlords who update their apartments can make it very clear in Craigslist rental postings and listings on community websites that their properties are green and efficient enough to keep costs low.