Offering incentives like “free” cable has long been one popular strategy landlords employ to collect higher rent. And for years, tenants eagerly paid the extra cost. Even though public demand for cable TV is rapidly changing, some landlords are wondering if it is 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 same as Netflix and Hulu. For these individuals, several of whom are residents, “free” cable simply doesn’t hold the appeal that it previously had. Yet for others, cable TV still holds an integral part of everyday life. Therefore, up until you intend to cancel your Hanover County rental property’s cable TV, it is best to consider all the pros and cons of doing so. Also, discuss with your residents about their needs and wants.
Including cable TV in your rental rate fits for a certain locality and population. Take for example, if your selected residents are mostly made up of avid sports fans, they will be more likely to want live television services and will generally prefer paying an additional amount in rent to have it included.
Some residents hate signing up for cable services that will lock them into long-term contracts especially since they may not know how long they will be residing in a certain area. They may similarly despise the inconvenience of contacting customer service in case something stops working. For these residents, a renting home ready to provide cable TV provides a strong motivation to shell out an extra amount to avoid any problems.
Nevertheless, younger residents 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 people who feel that cable TV lacks in viewing options. Even though streaming services do cost money, some people will share a subscription or sign up selectively to save money. For these folks, streaming services represent the ease when you want to sign up or cancel.
For Hanover County property owners, there are plenty of reasons to include cable TV as part of the rent. Namely, internet providers will often bundle both internet service and cable TV, lowering the cost of both. For some localities and demographics, it is suitable to offer internet service and cable TV and it may give landlords a competitive edge. The best way to know precisely if offering cable TV is appropriate for your case is to ask your tenants, either current or prospective. They can inform you what the trends are and how residents may react to including “free” cable TV.
If you’ve notified your residents and they eschew cable TV, it may be reasonable to temporarily discontinue your cable service while leaving the cables intact. Relying on the service provider, you may be allowed to suspend or even cancel service, avoiding the problem of paying for it each month. You would then give them a slightly lower rent or, if you prefer, pocket the savings.
Understanding if keeping your cable TV service is the right move for your residential properties can take the time, and for residence landlords, time is money. Real Property Management Richmond Metro can help you to evaluate cost savings aspects, communicate effectively with your tenants, and more. Contact us online or call us in no time at 804-417-7005 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.