Three Reasons Tankless Hot Water Heaters Are Great For Rental Properties
There are two types of water heaters to choose from. Standard, tank-style water heaters have a tank that heats and stores water until it is needed. Tankless, on-demand water heaters heat water as it is needed without storing any of it. Though each style has its pros and cons, if you're outfitting a rental property, it's often a wise choice to go with a tankless water heater. Here's why:
Energy bills will be lower.
With a tank-style heater, you're paying for electricity or gas to keep the water warm until someone uses it. Even if your tenants go out of town, the water heater will use energy to maintain the water's temperature. With a tankless water heater, energy is only used when hot water is actually needed. This leads to lower energy bills, and it also means that when your tenants are out of town, energy is not being wasted. If you pay your tenants' energy bills, this will save you some cash. If your tenants pay their own energy bills, they'll enjoy the lower rates. They'll probably be more satisfied with their rental experience since their utility bills are lower, and this will improve your reputation as a landlord.
You don't have to be as worried about leaks.
When you don't live in a home that you own, you're not around as often to keep an eye out for maintenance issues. Tenants may not be as "on the lookout" for maintenance issues since they don't own the property and are not typically responsible for maintaining it. With a standard, tank-style water heater, there's always a risk of leaks. The tank itself may spring a leak, or one of its pressure-release valves may get leaky. If this leak is not detected quickly – which is common in a rental – it can cause serious water damage. A tankless heater, on the other hand, does not store water. There's no stocked-up tank of water that can drip all over, so you don't have to be as concerned about flooding and leaks that go unnoticed.
Tankless units take less space.
Deciding where to place a big water tank in a rental property can be challenging. If you place it in the basement, do you give tenants access to the basement where the heater is located? Do you put it in a closet? Does this take away from the tenants' living space? Tankless hot water heaters are much smaller. They're just boxes that mount on the wall. You can mount one on the wall in a linen closet or the basement without it taking away floor space from the tenant. If you don't want the tenant to have access to the tank, it's quite simple to have a lock box built around it.
For more information, contact a water heater installation company.