The trend of prohibiting smoking in public locales is spreading to the multi-unit housing industry. I’ve highlighted the benefits of making a multi-unit housing (MUH) property a smoke free zone below;
- Increased Property values and Higher Rental Rates
The demand for smoke free housing is on the rise. Non-smokers view a 100% smoke free apartment as a luxury or as a health necessity and therefore are willing to pay a higher rental rate which in-turn increases the property value of your MUH property. In addition, if your MUH property smells like stale smoke either from other tenants second hand smoke or from previous tenants that could turn away potential tenants.
- Reduction in Operating Expenses
A significant reduction in operating expenses can be had by going smoke free at your MUH property. Some statistics have showed that an average non-smoking unit costs an average of $500 to rehab and get ready to rent a smoking unit’s rehab costs are closer to $3,500. Reduction in the risk associated with fire and cigarettes is huge as the number two cause for house fires in the United States and you may even be able to get a reduction in your insurance premiums. Less maintenance related to litter pickup from cigarette butts etc.
Currently there are six states that provide a tax credit for landlords who provide smoke free housing so check your states tax plan yearly to see if you could possibly qualify for any tax credits.
- Improve the Quality of Life and Health of Tenants
Providing a smoke free environment for tenants will improve there quality of life and provide a healthier living space particularly important for children and the elderly. In addition, it is reported that of the approximately 15% of adults that smoke 75% of them would like to quit smoking and living in a smoke free environment could help them reach there goals.
What do you think, is smoke free MUH a good idea or does it infringe on peoples rights?