recycled | eco-friendly rental

Helping The Environment With Eco-Friendly Rental Properties

Green rentals have grown in popularity as people are starting to be more conscious of their impact on the environment. Apart from helping save Mother Earth, eco-friendly rental properties can also help your business in the long run. Here’s what you need to know about eco-friendly properties.

 

What Are the Benefits of Eco-Friendly Rental Properties?

With environmental degradation increasing at an alarming rate, more and more people are starting to see the importance of “going green.” Whereas before, sustainable living was only considered as optional, it is now quickly becoming the standard. This is partly due to the influence of the millennial generation — the largest generation in the United States — who are willing to pay 75% more for sustainable products.

As a landlord or owner, having environmentally friendly rental properties allows you to contribute to mankind’s effort to protect the environment. You consume less energy, reduce emissions, and produce less waste. Apart from that, though, green initiatives can also lead to numerous benefits. Here are some of the benefits of eco-friendly rental properties.

 

1. Gain a Competitive Advantage in the Market

competitive | environmentally friendly rental propertiesBy 2025, millennials will comprise 75% of the workforce. They will also have the most spending power compared to other generations. If you want to attract renters from this generation, your property must be able to match their expectations — which includes having a sustainable lifestyle. Thus, environmentally friendly apartments will result in higher tenancy rates and lower turnover rates.

 

2. Lower Utility Bills

Environmentally friendly appliances are great because they perform the same functions but use up less energy than traditional appliances. If you choose to equip your property with green appliances, you will be able to drastically reduce your energy consumption. As such, landlords and property owners will also see a significant reduction in their utility bills. Energy savings will lead to more profit in the long run, and can also be used to improve the value of your property.

 

3. Lower Maintenance Costs

Another benefit of having eco-friendly appliances is that they have a longer lifespan. Even though they might cost more than traditional options, they won’t need to be replaced as often. Powered by innovative and eco-friendly technology, green appliances will also experience fewer maintenance issues in their lifetime. Thus, landlords or owners can reduce their maintenance expenses. For tenants, having appliances with minimal maintenance issues means a higher quality of life. They won’t have to call the landlord and wait for a repairman to fix the broken fixtures or appliances.

 

4. Higher Property Values

Should you choose to sell your property in the future, know that an eco-friendly building or home will have a higher property value than their conventional counterparts. Thus, having eco-friendly rentals will make it easier to attain financial freedom with your property investments.

 

How to Create Environmentally Friendly Rental Properties

Now that you know the importance of going green, here are seven ways to create eco-friendly rental properties.

 

1. Switch to LED Lights

If you have just started to go green, switching to LED lights is one of the easiest eco-friendly changes you can make. Traditional incandescent bulbs use a lot of energy but only convert about 5% of that to light. The rest is lost as heat. In contrast, LED lights only lose 5% of the energy to heat. Since they are more energy-efficient, LED lights will help reduce your energy bills.

Initially, LED lights were more expensive than incandescent bulbs, which may have dissuaded people. Today, though, these eco-friendly bulbs cost about the same. But they last up to 25 times longer and do not really require any maintenance.

 

2. Install Eco-Friendly Fixtures and Appliances

eco | environmentally friendly rental propertiesIn order to be considered an eco-friendly rental, owners should consider furnishing their units with energy-efficient appliances such as refrigerators, dishwashers, washing machines, and dryers. You may also want to install eco-friendly fixtures such as low-flow showerheads, dual-flush toilets, and programmable thermostats. In doing so, you’ll be able to dramatically reduce your property’s energy and water consumption.

 

3. Seal Air Leaks and Increase Insulation

Going green doesn’t always equate to spending money. A cost-effective way to create an eco-friendly rental is to seal air leaks and increase insulation. Use caulk to seal any cracks on the walls. You can also insulate doors and windows by weatherstripping, adding insulated curtains, or installing window film. These strategies will make your HVAC more energy-efficient, which also means lower heating and cooling expenses.

 

4. Develop Recycling Programs

Landlords or property owners should develop recycling programs for tenants. Make sure that your tenants have access to recycling containers and donation bins.  If you manage a single-family community, you can also have curbside recycling collection services. If you have a garden in your property, you may also want to set up a community garden where residents can plant produce. In addition, you can also have a compost bin to recycle kitchen waste. With these recycling initiatives, tenants can see your commitment to saving the environment. It will also attract more environmentally conscious tenants to your property.

 

5. Utilize Drought-Resistant Landscaping

Having a beautiful yard can dramatically increase the curb appeal of your property. However, this shouldn’t be at the cost of our environment. Avoid having plants that require a lot of water and maintenance. You can still have an attractive landscape when using native, drought-resistant plants. Also, make sure to inspect your irrigation systems. If there are leaks or overflows, you may end up wasting a lot of water. You may also want to invest in eco-friendly irrigation systems such as drip-irrigation or smart automated sprinklers.

 

6. Go Paperless

Landlords or managers can also adopt eco-friendly property management strategies such as going paperless. While property management involves a lot of documents and paperwork, it doesn’t mean that you need to use actual paper. Property managers can easily go digital thanks to the technological advancements available today. You can upload your rental applications on your website and have potential tenants submit them through email. If you decide to go paperless, you can post announcements on your social media pages, send invoices thru email, text payment reminders, and set up online payment channels for rent.

Going paperless helps save the environment because it reduces our carbon footprint. On the business side, a paperless office means spending less on paper, ink, postage, and other supplies.

 

7. Invest in Solar Energy Technologies

solar energy | environmentally friendly rental propertiesOnce you are fully committed to creating eco-friendly rentals, it’s time to consider solar-powered technologies. While this is a major investment, it will have big payoffs in the long run. Solar energy will help reduce electricity bills and maintenance costs. In addition, if your solar panels produce more energy than you consume, you can sell the excess energy back to the government.

There are also numerous financial incentives that can offset the cost of solar energy technologies. The federal government offers up to 30% tax incentives for residences with solar panels and solar water heaters. Meanwhile, Florida also has the Energy for Life Conservation program that offers rebates for installing energy-efficient technologies.

 

Create Eco-Friendly Rentals to Protect the Environment and Your Investments

Saving the environment is a noble cause in itself. However, creating eco-friendly rental properties can also mean positive things for your business. With today and tomorrow’s renters preferring to live sustainably, you can make your properties more competitive by going green. Energy-efficient technologies not only attract more renters, but it can also save you money in the long run. Even though creating eco-friendly rental properties will require some upfront costs, it is a worthwhile investment. They come with benefits that you will be able to reap for many, many years to come.

 

Need help with your eco-friendly rental properties? Feel free to browse our online directory for trusted property management companies, HOA management companies, and real estate agents.

 

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