Real Estate Investing Exam

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A property manager for a large apartment complex is creating the annual operating budget and notices a significant, unexpected increase in water and sewer costs over the last quarter. Which of the following actions represents the MOST effective initial step in managing this expense?

Immediately implement a 5% rent increase for all tenants to cover the higher utility costs. Discontinue landscaping and common area cleaning to offset the increased water expense. Conduct a comprehensive water audit, including checking for silent leaks in toilets and irrigation systems, and installing low-flow fixtures. Assume the increase is due to seasonal variation and make no changes to the budget or operations.

Correct Answer:

Conduct a comprehensive water audit, including checking for silent leaks in toilets and irrigation systems, and installing low-flow fixtures.

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