Sustainability is becoming increasingly important to every type of business model. The same is true of managing apartment buildings. Even so, many property managers still fail to see the benefits inherent in a commitment to sustainability. Implementing energy-saving and green policies are great ways to reduce costs.
Meanwhile, your ability to do so grows all the time. With efficient tech and subsidies open to you, making your apartment complex greener is easier than ever. Here’s what you should know about saving energy and maximizing apartment sustainability.
Sustainable Housing is in High Demand
Little has achieved the level of growth and demand that sustainable innovation has. People of all generations and backgrounds are flocking to greener products and services, housing included.
In fact, the number of Leadership in Energy and Environmental Design (LEED) certified buildings is rising all the time. With more than 96,000 of these structures in 167 countries, opportunities for energy-efficient housing are growing to meet demand. And the demand is there. Studies suggest that 69% of renters are willing to pay more in rent if that difference translates to environmentally friendly features in their building.
With a ready market for sustainable apartment buildings, managers that implement these features can experience a host of benefits. Energy efficiency saves money, after all, and you can use it to cultivate the value of your assets.
Energy Savings Builds Asset Value
There are so many ways sustainable features save both energy and money. Not only can you reduce costs with these tools but you can also build asset value by making units more desirable to renters.
First, you need to understand the potential of green building techniques. In apartment units, these innovations all can equate to savings under the right conditions:
Efficient insulation
Energy Star certified appliances
LED lighting
Heat recovery ventilators
Solar panels
From here, you can keep your building running like a Swiss watch. You’ll conserve the resources used by every unit and be able to pass some of these savings on to renters. Concerned about the investment cost of incorporating sustainable designs? You don’t need to be.
There are all kinds of national, state, and local programs for subsidizing green buildings. The EPA keeps a list of these funding sources, including, but not limited to:
Grants
Financial opportunities
Tax credits
Tax incentives
Trusts
Make use of these resources to affordable innovate for a sustainable building. Then, don’t forget to apply simple green features your tenants will appreciate. Electronic billing, for example, reduces paper waste and streamlines the tenant experience.
In fact, technology is at the forefront of apartment sustainability, empowering all kinds of energy-saving processes. Your tech stack can allow you to maximize building efficiency.
Sustainability Tech Means Process-Improving Data
This is because technology offers data collection and automation features that can transform your use of energy. The Internet of Things (IoT) is one example, representing all kinds of smart devices that collect and transmit data to a property management information system.
These days, you can get just about everything you can imagine as an IoT-enabled device. For your apartment buildings, consider options like the following:
Smart thermostats
Smart leak detection monitors
Smart lighting
Smart ventilation systems
Smart air conditioners
By implementing connected versions of these devices, you and your tenants can optimize the performance of the building ecosystem to keep waste at a minimum. In turn, you’ll collect a flood of data that can be used to further enhance efficiency. For example, IoT devices can gather power consumption information for each unit. This data can then be transparently relayed to the corresponding tenant in an online portal. From here, your renters gain oversight into their own energy use — which can mean added value for them.
By incorporating these features and technologies, you stand to maximize the sustainability of your apartment building. As a result, you can attract environmentally-minded tenants willing to pay more for these features.
Additionally, you can boost tenant retention with such an approach by catering to what your renters value. All this means greater revenue potential through energy savings and an enhanced tenant experience.
The Bottom Line
Sustainability is much more than a buzzword. In property management, it can mean unprecedented levels of value. The best part is, that the tools and funding to help you get started are out there now. Build a plan for maximizing your sustainability, then watch your ROIs go up.
For more on maximizing the potential of your units, explore these Property Management Insights from 208.properties.
