Environmental concerns are growing in importance for many renters, especially younger ones. That means that the way your properties impact the environment is going to be a bigger and bigger factor in determining whether you’re able to attract residents going forward. So what do you need to know to make sure you’re prepared for what’s to come? Check out our guide to environment-related trends in property management below!
According to Forbes, 23% of Americans would consider buying a fully electric vehicle (EV) in the future, and 27% would consider buying a hybrid vehicle (and, while traditional hybrid vehicles don’t need to be plugged in, a growing number of plug-in hybrid electric vehicles, or PHEVs, do). The number of people interested in electric vehicles is far higher than the number who own them right now, which means that the number of EVs in use will only continue to grow. By providing EV charging stations, you’ll open yourself to that growing market.
Smart thermostats are another piece of environmentally friendly technology that’s growing in popularity. These devices are able to heat and cool a unit more efficiently, getting the same results while using less energy. That makes them better for green residents and better for you, since you’ll be using less energy — and less money — regulating the temperature of any spaces where you’re responsible for energy costs, like common areas or vacant units.
Some cities and states are starting to implement or consider implementing recycling requirements for multifamily properties. Even if such requirements haven’t come to your area yet, they may in the future. For that reason, it’s a good idea to act now to make sure recycling is as easy as possible for your residents. That way, you’ll stay ahead of the curve in terms of legal requirements, and you’ll make your property a great place for environmentally conscious renters.
Besides the increasing demand from potential residents, environmental impact is starting to become important to investors and lenders as well. Green properties are higher in value than equivalent properties that don’t meet modern environmental standards, and some lenders even offer better pricing on loans for property development projects with green building certifications. Getting one or more of those certifications can give you and your properties a major leg up as this trend continues to develop.
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