Environmental awareness has been increasing for a long time now, culminating in new generations, often Millennials and Generation Z, who are very focused on being conscious of energy efficiency and sustainability. As a property owner, energy efficiency and your carbon footprint may not have been top priorities before. However, Renters Warehouse Hampton Roads has many ways to help you use these improvements to not only lower the bills on your property but also aid in recruiting new renters. Most of these improvements are reasonable in price, yet add a uniqueness to your property that can help it stand out from other rentals.
Start With Lighting Updates
One of the simplest and cheapest updates to make to reduce bills and improve efficiency is switching to LED lightbulbs. The upfront cost has become very affordable, and the bulbs last a long time while drawing much less energy than incandescent bulbs. Making these changes and then making it clear in your promotional materials that the property has all LED bulbs will be a nice benefit to the renter. It also saves you service calls, if you've traditionally handled any hard-to-reach lightbulb replacements, as these bulbs last for many years.
Create Clear Policies and Procedures for Recycling
One of the biggest impediments to recycling is a lack of clear policies and procedures for sorting and delivering them to the appropriate locations. One way you can show that your property is an eco-friendly one is to post very clear information about what counts as recycling, how it must be sorted, and when and where to put it. These pieces of information, when prominently displayed or shared, become part of the promotional appeal of the property. While this sort of thing is a small but reasonable positive for most renters, it is especially notable to the environmentally-conscious Millennials and Gen Z renters who are looking for a place to live that also helps them feel good about their impact on the planet.
Consider Solar Panels and Other Alternative Energy
While not every building is a perfect fit for solar panels, geothermal heat pumps, or wind power, it cannot hurt to explore the options available for your property. At times, leasing solar panels can be a way to provide some of your renters' electricity needs while also attracting a highly-sought-after demographic of young professionals. By making the effort to add these elements to your rental properties, you have a variety of ways to gain a return on the investment. You'll have cheaper utilities, which may justify an increase in the rental rate. You'll have a unique element to talk to applicants about. You'll also enjoy your own lowered costs, in the case of a "utilities-included" rental. There are also some tax credits and deductions available, though these vary by year. Talk with Renters Warehouse Hampton Roads to get good ideas for a given property.
Replace Old Appliances With Energy Efficient Ones Over Time
Similarly, but on a much more modest scale, you are given an opportunity to gain energy efficiency every time you choose a new water heater, air conditioner, dishwasher, or other appliance. These features of the home add reliability when you get new ones, but they can also reduce overall costs for utilities, which appeals to both energy-conscious and budget-conscious consumers. Find renters who appreciate Energy Star appliances and see them as a benefit, and you're likely to be able to command a competitive rate in your area. Renters Warehouse Hampton Roads is ready to help you make smart choices about the energy-efficient appliances that are best to replace now versus those to wait and see about, given the cost mark-up for the better versions of these appliances.
Show Your Efforts At Insulation
Insulation in your properties is usually an unseen benefit, but you can use data to make the benefits clear to your potential renters. When you are adding insulation to the floors or walls of the building, get some averages for the monthly heating and cooling costs from past renters or your local municipality/utility company, if they track that information. Then get new data when the insulation is installed; the average savings over time should become clear. This can become a talking point that Renters Warehouse Hampton Roads can share with potential renters when they are sharing your property with others. Everyone likes the idea of not wasting money heating or cooling the area around the home, so when you make the effort to insulate, share that information! It might just give you an edge.
Energy-efficient and sustainable modifications have to make sense in the cost-benefit analysis you do for your property, but these days they are more likely to be a good idea than ever before.
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