These days, the costs of goods and services rise constantly. As such, tenants and landlords are searching for ways to save money and become more cost-efficient. One of the most effective ways to achieve this is by creating sustainable rental properties that are energy efficient and environmentally friendly. Luckily, there are several ways to achieve this. So, read along as we dive into how to create a sustainable rental property and tips to become more eco-friendly.
Contents of This Article:
- What Makes a Rental Home Sustainable?
- Why Focus On Sustainability in a Rental?
- Ways to Create a Sustainable Rental Property
- Sustainability Tips for Landlords and Tenants
- How to Manage Your Sustainable Rental Property
What Makes a Rental Home Sustainable?
Sustainability is becoming an increasingly significant concern, with more people recognizing the importance of preserving our planet’s natural resources. Not only is this true for homeowners, but rental property management in Baltimore recognizes that renters are beginning to look for more eco-friendly rental properties. That said, sustainable properties strive for energy efficiency with green features inside and outside the home.
Some eco-friendly features in a home include energy-efficient appliances, healthy building materials, water-saving mechanisms, LED lights, solar panels, and smart technology. Incorporating these features in your rental can reduce its carbon footprint, save water, and improve indoor air quality.
Many consumers are willing to pay more for a sustainable environment, including renters who want a more sustainable living space. The growing demand for eco-friendly rentals has influenced many landlords to implement cost-effective, eco-friendly features in their properties.
These efforts contribute to protecting the environment from small changes like installing low-flow faucets and LED lightbulbs to major renovations like adding solar panels. Additionally, sustainable features in rental properties attract a growing market of eco-conscious tenants. To learn more about the benefits of sustainable rental homes, we’ll review those next.
Why Focus On Sustainability in a Rental?
There are plenty of reasons to create a more sustainable rental property. Aside from the fact that it’s better for the environment, there are also several benefits for landlords and their rental businesses. That said, here are the main reasons to consider a more sustainable rental property.
- Financial Benefits- Using lower energy and less water saves on utility costs, helping landlords and tenants save money each month. With more and more renters becoming interested in sustainability, your rentals will attract more tenants. Additionally, they’re usually willing to pay more for an environmentally conscious property.
- Reputational Benefits- A sustainable rental property can help your reputation as a landlord, naming you as socially responsible and environmentally conscious. Streamlined features and eco-friendly amenities attract more tenants and reduce tenant turnover.
- Regulatory Benefits- Rental businesses must comply with strict national and local governmental policies. Most are starting to enforce sustainability regulations, with more fines and legal issues for failing to do so. As such, you can protect your business with more sustainable rental properties.
Ways to Create a Sustainable Rental Property
If you want to make your rentals more sustainable and economically friendly, there are several ways to accomplish this. Aside from encouraging renters to recycle, reduce water consumption, and eliminate energy waste, here are five ways to create a sustainable rental property.
- Install Energy-Efficient Appliances
- Implement Smart Technology
- Focus on Water Conservation
- Use LED Lightbulbs
- Invest in Rooftop Solar Panels
Install Energy-Efficient Appliances
Installing energy-efficient appliances is one of the easiest ways to make your rental property more sustainable. After all, old, inefficient appliances aren’t helping the environment–or your wallet.
Upgrading to Energy Star-certified appliances can help save costs for you and your tenants. Although initially costly, using appliances with an Energy Star rating can significantly impact the sustainability of your rental. Additionally, you can charge higher rental rates for properties with updated, energy-efficient appliances.
Implement Smart Technology
Investing in innovative technology, like smart thermostats, is another way to improve your rental’s sustainability. Not only does it reduce heating and cooling costs, but smart thermostats can also connect to your smartphone so you can control your environment with the touch of a button.
Smart thermostats can help save on utility costs and allow you to adjust the temperature of your rental from anywhere. Additionally, they can improve the air quality and reduce the spread of germs by monitoring your home’s humidity. For instance, if there’s excess moisture in the air, a smart thermostat can detect it and adjust the temperature to avoid mold growth.
Focus on Water Conservation
Saving water is one of the best and easiest ways to reduce utility bills and create a more environmentally friendly rental. Luckily, there are several ways to reduce water consumption, whether you’re a tenant or a landlord.
For instance, landlords can install low-flow fixtures like showerheads, faucets, toilets, dishwashers, and other water-consuming appliances. Most of these solutions are incredibly cost-effective and easy to install on any property.
Use LED Lightbulbs
Landlords can easily create more eco-friendly properties by simply installing LED lightbulbs.
Traditional lightbulbs require much more electricity than LED bulbs, which use around 75% less energy. Additionally, LED bulbs last up to 25 times longer than incandescent lighting. So, you won’t have to buy lightbulbs as often, and you’ll save on energy consumption.
LED lighting is easily accessible and affordable, and there’s a wide variety of options to choose from, depending on your property type. So whether you’re installing lights in a commercial building, single-family home, or even holiday lights, you can choose an LED option that works for you.
Invest in Rooftop Solar Panels
If you want to spend a bit more to increase the value of your investment and save costs in the long run, you may consider investing in solar panels. Solar energy is renewable, meaning it doesn’t get used up and creates zero carbon emissions, avoiding environmental damage.
Solar energy can significantly reduce your electricity bill with low maintenance costs, saving landlords tons of money. However, they’re a large investment and may not be feasible for every landlord, especially if you have several rental properties.
Sustainability Tips for Landlords and Tenants
Whether you’re a landlord or tenant, there are several things you can do each day to make your home more eco-friendly. So, if you want to reduce costs and increase efficiency in your rental, follow these tips.
- Take Shorter Showers
- Turn the Water Off When Brushing Your Teeth
- Use Low-Flow Showerheads and Faucets
- Switch to LED Lightbulbs
- Unplug Electronics When Not In Use
- Turn Off the Lights When Not In Use
- Clean Your Appliances to Increase Efficiency
- Go Paperless With Rental Documents
- Install Blackout Curtains
- Recycle and Encourage Others to Recycle
How to Manage Your Sustainable Rental Property
To ensure long-term sustainability in your rental property, managing it effectively and efficiently is important. For instance, you’ll want to keep up with maintenance for appliances and HVAC systems and continuously look for ways to become more energy efficient. One of the best ways to keep up with your rental properties is with professional property management.
Bay Property Management Group offers comprehensive rental management services near Baltimore, Philadelphia, Northern Virginia, and Washington, DC. Whether you need to find new tenants, fill maintenance requests, or collect rent payments, we can help! Contact BMG today to learn more about how we can help your rental property business succeed.