Brooks, along with Suzanna Da Silva, Treasury Services Manager for the Northeast Region at Chase, outlines seven ways to limit operational costs at your multifamily properties. 

1. Pay attention to details

Conducting regular maintenance checks can prevent costly repairs and extend the lifespan of multifamily properties and their systems.

“Our best owners and investors regularly walk their properties,” Brooks said. “They proactively make certain that all health and safety issues are addressed before anything could remotely negatively affect tenants. For example, walkways, catwalks and railings are always kept in good conditions. None of these things are especially costly, but when tenants are looking at a property, they demonstrate that the owner cares about tenant health and safety,” he said.

“As markets become more competitive, these issues should be proactively addressed to better compete for tenants with strong credit.”

2. Make quick and easy material updates

Beyond walkway safety, a property’s aesthetics can help attract and retain renters. A fresh coat of paint, new landscaping and even a deep cleaning can go a long way. Installing laminate flooring is also an easy way to cut costs—the material is more durable than hardwood or tile and usually more affordable. 

3. Consider energy-efficient upgrades

Investing in energy-efficient upgrades can further reduce costs. Replacing incandescent bulbs with LED lighting and installing new windows, insulation and smart thermostats can help cut heating and lighting expenses. Upgrading to low-flow toilets, showerheads and faucets can also lower utility bills.

Owners and operators may also see long-term savings from installing solar panels and upgrading units with energy-efficient windows and appliances. Plus, upgrades may make buildings eligible for Fannie Mae and Freddie Mac green financing programs. 

4. Avoid expensive operational errors

“Multifamily property owners and operators can be at risk of making costly mistakes in their banking and rent collection processes, such as relying on outdated systems, poor record-keeping and inadequate security measures,” said Da Silva.

These errors can lead to delays, financial losses and fraud exposure. 

Apartment owners and operators sometimes make other costly missteps that affect the bottom line. “Failing to enforce late fees and neglecting regular financial analysis can result in lost revenue and missed opportunities for improvement,” Da Silva said. 

She also noted the importance of compliance with regulations. For example, in areas where it’s permitted, owners and operators should consider Ratio Utility Bill System (RUBS), which allows owners to allocate the total utility cost among all residents. 

“Some owners report that by enlisting the tenants to have skin in the game on the utility usage overall, utility costs decrease,” Brooks said. “If market conditions allow the implementation of RUBS, it’s an opportunity to increase net cashflow.”

5. Streamline operations with treasury and payments tools

Operators can draw on digital treasury tools to streamline accounts payables and receivables and automate tasks, ultimately reducing costs. 

“Treasury and payments solutions offer real-time cash flow management, reducing the need for expensive short-term borrowing,” Da Silva said. Plus, they generally offer lower transaction fees than traditional paper-based methods. These solutions often include enhanced security features that protect against fraud and associated costs, and data and analytics to help identify more cost-saving opportunities. 

“Additionally, the scalability of digital solutions allows businesses to grow without incurring significant additional expenses,” she said.

6. Optimize vendor relationships

Make sure you’re getting the most out of your relationships with outside vendors. Start by evaluating what tasks to keep in-house and which ones to outsource. This assessment should include a cost-benefit analysis to compare the direct and indirect costs of performing tasks in-house versus outsourcing. 

Apartment owners and operators should also review and negotiate contracts with service providers to make sure they’re getting the best price, especially as their business expands. As you grow your rental property portfolio, you should also consider buying items wholesale and in bulk to cut costs. 

Likewise, property owners can work with their financial institution to automate payment and transactions, negotiate lower banking fees and consolidate accounts to reduce maintenance costs. 

“Regular financial audits and leveraging technology for property management can also help optimize expenses and improve overall financial efficiency,” Da Silva said.

7. Focus on resident-retention efforts

“One of the best ways to save money on your property is to hold onto your tenants,” Brooks said. The costs to turn over apartments are high—Zego’s 2025 Resident Experience Management Report estimates them at approximately $4,000 per unit.

That makes it especially important for owners and operators to make the resident experience positive via clear communication, responsive maintenance and professional management.

The bottom line: By increasing operational efficiency, upgrading amenities and improving vendor and resident relationships, multifamily property owners and operators can effectively manage and reduce costs.