OpenRent Community

Coin Meter at Cost Price

Hello

We are in the process of converting a large flat into 4 x self-contained bedsits.

Landlord will pay council tax, water rates, tv licence, broadband and electricity bill (no gas in property).

We wish to let each unit at £xx per month PLUS have a coin meter for each unit.

The coin meter supplies electric for the water heater, shower, heating, sockets etc and IS set at Cost Price.

(a) do experienced LL see any issues with this?

(b) does OpenRents AST Contract have the ability to deal with this set-up?

© any suggestions for or against doing it this way?

Thank You

Dont use a coin meter use a card meter that the tenant prepays you for

I would need to be at tenants demand every time their card expired.

At least a coin meter doesnt restrict them and my cleaner can empty every 2 weeks, record power usage, deduct her cleaning fee and pay in bank for me.

We live 100 miles away.

Though this could be a great option… https://topupmeters.co.uk/our-products/

Yes I get it. 100 miles is a bit far. As long as coin meter does not get robbed

are we not going to Mars…, Coin meters, come-on surely not guys, i remember them in Rigsby’s days as a Landlord, i would imagine a digital wifi type of meter with an app must of been invented by now…

Does one not just need a normal digital meter and charge the same as a supplier does, on £xx per kw used for instance.

2 Likes

I agree with you Miss Jones

Decided to go with prepay smart meter where tenant can top up online

I have five of the old coin meters in one of my properties, 1 x meter per flat and 1x meter for laundry services. I show the tenants the energy rate on the bill and then give them a copy of the chart issued by the meter manufacturer showing how to set the rate so they can check it is all above board. In my experience tenants like the coin meters, no standing charge, no going down the shop when it’s raining for a top up etc. Another plus is inempty them once every two months so I can give the place a quick once over. Normally I pop a couple of pounds back in and this builds a positive tenant LL relationship. In 15 years I have only once had one broken into!!