Offering incentives like “free” cable has long been one popular strategy property owners use to charge a higher rent. For so many years, tenants eagerly paid the extra cost. However, public demand for cable TV is rapidly changing, making some property owners wonder if now would 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 these people, most of whom are renters, “free” cable simply doesn’t hold the appeal that it used to do. But for others, cable TV still feels like an integral aspect of comfortable living. Therefore, before you decide to stop your Deerfield Beach rental property’s cable TV, it is essential to consider all the pros and cons of doing so, as well as talk to your tenants about their wants and needs.
Including cable TV in your rental rate makes sense for a variety of locations and demographics. For example, if your target renters include avid sports fans, they will probably want live television services and will usually be more than eager to pay a bit more rent to have it included.
A lot of tenants do not like signing up for cable services that will lock them into long-term contracts because they may not know how long they will be staying in the home. They may also hate the hassle of contacting customer service every time something goes awry. For these tenants, a rental home eager to provide cable TV offers a strong incentive to pay a little extra to avert such inconvenience.
On the other hand, younger tenants may or may not find an offer of “free” cable to be worth a higher rent. Streaming services are becoming the go-to choice for many who find cable TV lacking in viewing options. While streaming services do cost money, the majority of young people will share a subscription or sign up selectively to save money. For these individuals, streaming services offer the freedom to decide when to sign up or cancel if they want.
For Deerfield Beach property owners, there are frequently strong incentives 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 particular locations and demographics, being able to give internet service and cable TV may boost a property owner’s competitive edge. The simplest way to know for sure if offering cable TV is right for your situation is to ask your tenants, either current or prospective. They can inform you better than anyone what the expectations are and how tenants may react to including “free” cable TV.
In the event that you’ve talked to your tenants and they do not wish to have cable TV, it may be possible to temporarily discontinue your cable service while leaving the cables intact. Contingent on the service provider, you may be able to suspend or even cancel service relatively easily, saving you the expense of paying for it each month. You could then offer a slightly lower rent or, if you choose, pocket the savings.
Knowing if keeping your cable TV service is the right move for your rental properties can take time, and for rental property owners, time is money. Real Property Management Premier can help you evaluate cost savings aspects, communicate effectively with your tenants, and more. Contact us online or call us directly at 954-362-5235 today.
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