Utilities and Rent, can your tenant pay both
There are a bunch of articles that have come out recently that have brought up the issue that people are having a difficult time paying their utilities.
There was an article in USA Today on 4/10/24 that said that home heating costs were down but remained at $836 for the year. If that is across the country, then we have a much higher cost here in Worcester.
Statistics on Utility Payments
The scariest of these statistics are that:
19.2% of all families couldn't pay at least one home energy bill in the past 12 months.
16% are already behind on energy bills, totaling $20.3 billion in balances owed.
Those with children are in much worse shape, with 25.6% having trouble with these bills.
Those who know me probably think that this is where I deal with US energy policy, but I will not. I am simply sounding the alarm for landlords that tenants are in a tough spot.
Advice for Landlords
If these numbers are for the entire population, and renters are typically on the lower end of that group, it is good to plan for this. When checking applications for new tenants, make sure that you:
Check utility bill history for all occupants of the unit.
Consider potential issues moving forward.
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