Offering incentives like “free” cable has long been one popular strategy property homeowners employ to create a higher rent. And for several years, tenants eagerly paid the extra cost. Since public demand for cable TV is rapidly changing, causing some property owners are speculating if it could be time to cut the cord on their rental home’s cable TV.
Since 2012, over 10 million people have canceled their cable subscriptions in favor of new, lower-priced streaming services like Netflix and Hulu. For the majority, several of whom are renters, “free” cable simply doesn’t hold the appeal that it once did. Yet for the minority, cable TV is still a permanent part of enjoyable living. Therefore, even before you opt to disconnect your Lancaster rental property’s cable TV, it is significant to take note of all the pros and cons and at the same time, make sure to talk to your tenants about what they need.
Including cable TV in your rental rate makes logic for a certain locality and population. For example, if your target lodgers include avid sports fans they are more likely to want live television services and will be more than willing to pay a higher rent to have it included.
A lot of tenants oppose signing up for cable services that will lock them into long-term contracts considering they may not know how long they will be living in the home. They may also oppose the problem of contacting customer service every time something goes wrong. For these tenants, a rental home that offers cable TV provides a remarkable incentive to pay additional to avoid any problems.
On the contrary, younger tenants may or may not find an offer of “free” cable to be worth the higher rent. Streaming services are becoming the go-to choice for numerous people who consider cable TV lacking in viewing options. Although streaming services would cost money, still, countless young people will share a subscription or sign up selectively to save money. For these folks, streaming services have the freedom to decide when to sign up or cancel if they desire.
For Lancaster property owners, there are plenty of benefits to include cable TV as part of the rent. For example, internet providers will often bundle both internet service and cable TV, lowering the cost of both. For specified areas and demographics, being able to give internet service and cable TV may give property owners a competitive edge. The simplest plan to identify if having cable TV is perfect for your situation is to ask your tenants, either current or prospective. They can recommend to you what the current opportunities are and how tenants may reciprocate to having “free” cable TV.
If you’ve talked with your residents and they reject the notion of having cable TV, it may be promising to temporarily discontinue your cable service while leaving the cables intact. Depending on the service provider, you may be able to suspend or even cancel service easily, saving you the expense of paying for it every month. You could then suggest a slightly lower rent or, if you decide, pocket the savings.
Pondering if keeping your cable TV service is the right move for your rental properties can consume time, and for rental property owners, time is money. Real Property Management Traditions can help you evaluate cost savings aspects, communicate effectively with your tenants, and more. Contact us online or call us directly at 661-266-1400 today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.