In the beginning, when going-green wasn’t much of a trend, and companies were still experimenting with solar energy, any green update on a rental property was termed as a luxury. It’s only with the arrival of Millennial as well as Gen Z renters that Eco-friendly updates are becoming a norm. In fact, they are becoming a necessity. Things have changed drastically, and now Eco-friendly installations are a must if you own a rental and need the modern generation as your tenants.
Owing to this change, more and more investors, as well as landlords, are now upgrading their properties to compete with the modern-age Eco-friendly technology.
If you are also one of those landlords who are thinking to mend their ways and make the necessary changes to win the hearts of Millennial's as well as green goers, here’s your chance to learn all about it.
With these few changes in line, you will be able to have a positive impact on the environment as well as get better tenants.
Improved Insulation:
Poor insulation leads to higher utility bills, and due to inadequate insulation, heat escapes, leaving your house poorly heated. This has an adverse impact on your savings as well as on the environment. Having better and proper insulation helps you save on energy bills as well as improves the environment. It keeps your house warm and cozy as well. Tenants, who are on their feet the whole day, working hard for a stable home and peaceful environment, wouldn’t take kindly to a poorly insulated home. Due to this, your vacancy rate can increase, as the tenant will not be willing to renew their contract after their lease is over.
Proper insulation not only encourages comfortable living but also reduces your energy bills. The lower bills benefit both the tenant and the landlord. Weather-stripping is one way to quickly as well as easily insulating the property. It’s not only inexpensive, but it will also save you money on heating as well as cooling bills. So, it’s a win-win situation on all fronts.
Efficient Installations And Fixtures:
Your tenant will fall in love with your property and stay year after year if you are smart enough to install energy-efficient fixtures as well as installations. Energy-efficient appliances get you one step close to adding important green features to your rental property. Eco-friendly and energy-efficient fixtures, as well as daily use appliances, are pretty high on the demanding list of tenants who are looking for luxury rentals. Nobody is crazy about paying bills on something that isn’t worth the trouble. Adding these fixtures as well as installations will also look good on your listing, it’s like one more bonus point added to your already well-maintained property. On average, these Eco-friendly fixtures will save you around $400 a year on energy bills; this is excellent news for both the tenant as well as the landlord.
Moreover, Eco-friendly lights last longer, give better quality light and also are cost-efficient. Only with light fixtures, you can save as much as $500 yearly. LED bulbs are a great way to enlisting this change.
Solar Power:
Solar power panels, as well as the home solar system, is yet another brilliant way of going green with your rental property; if you are in a sunny state where you get ample sunlight, this is just the thing for you. Having sustainable energy as our backup earns you brownie points from the tenants as well as help you reduce your energy bills and electricity consumption, this en the end will help you reduce your carbon footprint and help save the planet. It’s one of the popular ways to save electricity in Singapore, Malaysia as well as South Asia.
The best among the many solar power inverters in the market are the SMA inverters. This ingenious invention lasts up to 5 or 10 years and comes with an extended warranty as well as is certified zero-carbon. Be smart, and pay extra attention to your solar panels. Surely you need ones that are both efficient as well as economical, but you also need the technology that seamlessly converts the direct-current electricity from the solar panels into the irregular current suitable for rental properties.
SMA inverters are also upgrade-able so that you can change them to a higher and better model every year. Due to their flexible designs, you can also add more panels when needed.
Improved Water Efficiency:
Small and minute leaks that most landlords and tenants never bother about are huge enemies it the environment. The easiest way to combat these issues is by installing water-saving shower-heads, taps, and toilets. It will amaze you, but this small change will help you save tons on your water bills and make you a popular landlord among all potential tenants.
Also, let your tenants know how important it is to save water, and that they need to alert you even when there is a minor leak in the house. This will also help you in points and become an amicable landlord.
Recycling Education
The landfills, plastic consumption, and lack of recycling education are major issues that are taking a toll on the earth’s healthy environment. They may seem like different problems, but they are connected.
The new generation of tenants, as well as landlords, understands this. And they are also willing to make amends as well. Many have recognized their overuse of plastic as well as excess packaging. Accepting and encouraging a sustainable lifestyle gets you in the good books on Millennial's who are looking to live a simple yet meaningful life. To support such tenants, as well as help them on their way, you can introduce easy recycling by installing recycling collection containers and guidelines for recycling all kinds of materials.
Bottom Line:
This change is an opportunity for landlords to become popular amidst the Millennial as well as Gen Z. Not only do such steps decrease the vacancy rate, but they also help save a lot on various bills. Apart from that, landlords will also be helping their own environment breathe a little easier.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
