How to Make Houses Energy Efficient for millennials in the past, people weren’t’ very environmentally-conscious about going green. It wasn’t popular, but it was a way to cut costs in the area. While it may have been the reality back then, it’s definitely changing, and with millennial and gen Z renters increasing the tenant pool, the pressure to follow environmentally-friendly practices is increasing by a lot. Millennials are expected to account for about 30% of the population, and gen z is supposed to be 40% of customers. One of the things these generations value are environmental issues, and there are renters that are willing to pay more for energy-saving appliances, or even bike storage. Property managers should notice this, so how do you make your property more “green? Well, here are a few tips, since energy-efficient building and construction are actually being encouraged as of late to help cut costs for owners in the long run, and rental owners should consider incorporating new initiatives to help fill up the vacancies quickly and potentially to help justify the chances for higher rents.
The first thing to do is to change lighting, and you can do that by switching the LED bulbs since this is the fastest and easiest way to save energy and money. They generate a lot less than traditional bulbs, and typical light bulbs have dropped in sales by 85% and the prices have dropped too for green lightbulbs. They save a home about 1000 dollars over a 10-year period, so about 8 bucks a month.
You should also consider appliances that use far less energy. Tenants that want energy-efficient appliances will consider this to be an important feature. Not only do these energy-efficient appliances reduce pollution and save resources, they also save renters a lot of money, since they can actually reduce the electricity bills by about 30%.
You should also pick the location of your rental property. The location does play a huge part in the ability to live in a sustainable manner. But, when it comes to going green it actually means an entirely different thing. Being in close proximity to schools, work, shopping, restaurants, parks, and even public transit is actually a very appealing factor for many renters, since it does ultimately give them a reason to move there, since they won’t have to take as much time, or waste as much energy, getting to work.
You should also make recycling really easy. it’s one of the easiest and least expensive ways to really influence a property and renters. If you make recycling easier for the tenants, many times the renters will stay longer. You can make it easier by offering marked recycling containers and guidelines on how to recycle everything. If you do own and manage a single-family property, you can even give them some pamphlets and other literature that involves curbside recycling. You can also put it directly into the lease agreement, and the easier it is, the better it can be for everyone, and it will help with the environment as well as keep tenants around.
Finally, weatherproof and insulate your home. This is a prime way to save energy and money. You should focus on the basement, attic, and the garage since this is the easiest way for heat to enter and escape the home. Weather stripping is actually a very cost-effective and simple way to save energy and money. Depending on the weather in a place, good insulation can save about 10-15% on the heating and cooling in the area.
With the demand to go green increasing, especially with Gen Z coming in to look for rentals, you as a property manager should look for ways to give green initiatives to those people, since it will give fewer vacancies and it will prevent rent from dipping out to lower numbers. An energy audit is also a great place to begin since t can tell you how to improve your energy efficiency easily.