Utility costs come in two forms. Fixed (meaning they are the same every month, regardless of usage) or variable (where the exact amount depends on how much you use the utility each month).
Additionally, there is a difference between utilities you can cancel and have your renter sign-up for on their own vs. utilities that are billed through the building and must remain in your name.
Utilities you can cancel
Start with any utilitiy services you can cancel. You'll have you renter sign-up for these utilities under their own name. This is the cleanest way to transfer these services. For example, if you have an account with your local electricity company, cancel it as of the day before your renter is moving in. Make sure your renter requests service be activated under their name on their move-in date.
Utilities you can't cancel and are fixed
You may have a utility cost like cable that is billed through the building (so you can't cancel it) but stays consistent every month. In this case, just build the cost into your rent price on Flip.
Utilities you can't cancel and are variable
You may have utilities like water and gas that vary from month to month and show up on your billing statement with your building. You have two options with these:
- Calculate an average cost and build it into your rent price on Flip
- Coordinate with your renter to have them pay you directly for these costs each month