Property Managers and landlords across the country are having significant heating cost savings this year. Both record warmth and lower than average oil prices are leading property managers and owners around the U.S to wonder how much money they will be saving on heating costs this winter.
According to U.S. News and World Report global temperatures set a record high in November for the 7th straight month. As a result of these higher than normal temperatures many landlords found themselves turning on the heat later this year. For example, in New York City the law requires that landlords turn on the heat from October 1st through May 31 from 10pm to 6am when the outside temperature falls below 40 degrees. This year in November the nighttime low temperature was 40 degrees or lower on only 8 nights compared to 21 nights last year (Accuweather.com).
According to Market Realist the price of heating oil is 28% less expensive than during the same time period last year. Since there has been an oversupply of oil in the crude market and demand has not increased because of the mild winter, heating oil prices continue to stay low. In fact, inventory levels for heating oil and diesel are up 25% from last year which is putting further downward pressure on the price of heating oil.
If you have an advanced Property Management System you could easily look up how much money you are saving this year on heating cost versus last year. Realty Information Systems software for property management is an advanced property management software that enables you to track and compare energy spending. If your software for property management doesn’t let you compare how much you are spending on heating cost than it is time for you to switch to Realty Information System’s affordable property management software.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.