Residential and commercial buildings cause approximately 39% of CO2 emissions in the US. Do you think your property management team does enough to make it more sustainable?
It is more crucial now than ever to invest in green initiatives. These initiatives will not only prove to be beneficial for the environment, but your business will thrive because of it.
You see, Forrester released a study stating that 32% of all consumers prefer companies that try to reduce their carbon footprint and establish green initiatives. Similarly, Nielsen published that 81% of all the consumers in the world believe that it is vital for companies to prioritize environmental improvement.
Here’s how you can property managers and landlords can improve their green initiative:
- Use Energy-Efficient Appliances
It was found that at least 81% of renters are interested in using appliances that are Energy Star Certified and at least 79% prefer to use high-efficiency dryers and washers. Based on the same research, 69% of the renters that were interviewed said that they would prefer moving to a green or energy-efficient building and willing to pay extra.
If you aren’t using energy-efficient appliances already, this is an affordable and easy method of cutting back your unit’s energy consumption and increasing its desirability.
- Establish a Recycling Program
Recycling is by no means a new trend. Still, you will be surprised at just how many buildings out there haven’t implemented a recycling program for residents. The NMHC reported that 79% of tenants prefer to move to a place that takes recycling seriously.
Besides a dedicated recycling area, property managers can also just as easily establish a program for harder to recycle things, such as electronics, batteries, and light bulbs. NMHC’s report states that 57% of tenants are interested in such programs and the best thing about them is that they wouldn’t cost the landlord a dime.
- Partner With Utility Management Services
Without the help of utility management companies, it can be quite difficult to spot leaks or the reason for spikes in utility bills. Utility management services or apps help property managers identify these issues before helping them reduce usage and in turn, increase the efficiency of the property.
The US Environmental Protection Agency found that the properties that made it a habit to benchmark their energy efficiency were able to save 2.4% annually, with their total savings totalling up to 7%.
- Use Smart Home Technologies
Most tenants nowadays already prefer the convenience of mobile devices and automation. It is only natural that they would prefer the same for their apartment. In fact, the National Apartment Association found that 45% of the respondents to a survey were requesting energy-efficient additions to the properties that they live in.
A massive 77% of the respondents in this survey were interested in rental units with smart thermostats and other smart features like automatic light switches. By investing in these appliances, you will be better able to fulfill your future and current tenants’ needs.
If you can adopt these green initiatives in your rental property, you can not only reduce your overall costs but also increase its attractiveness for tenants and create a positive impact on the environment for many years to come.
If you’re planning on avoiding these problems in your rental property you can always delegate these tasks to your property manager or hire the right professionals for the task at hand.
If you haven’t hired a property manager already, click here to learn more about our services and how an experienced property manager can share some of your burdens.