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.