I have never found sub-metering to be worth it. At first it might seem worth it, but when you factor in all the metering equipment and the hassle forever on the property owner it just doesn't pan out. Furthermore it can be legally sticky in some states .
Here in LA all the big apartment complexes are submetered, there are a handful of companies that are registered utilities with the PUC and they provide the metering service and billing. I don't even think the utility allows hundreds units on one property to be individually metered.