Wondering if anyone manages properties with utilities included in the rent? How are you accounting for raising oil prices? If you have combined utility systems, how are you charging tenants for heat?
One of my properties is an all-inclusive property and it’s been tough. They are charged one set price and it includes everything. Gas has gone up almost 100% where I am at and electricity has gone up 17%. We inherited most leases on takeover and it had no area to be able to raise rents is utility prices went up. We have had to wait until renewals in order to raise rents, which these increases have been significant. It’s even harder because it’s an independent living community and almost all of our residents are on a fixed income (social security) that won’t adjust for inflation. We’ve even considered converting to regular housing and not 55 and older housing.