Education and news for smart DIY landlords!
If you’re thinking about making improvements in your rental property business, consider going green. Whether it’s investing in environmentally-friendly appliances or imposing rules that positively impact the planet, a greener property benefits you and tenants.
Today’s renters are mostly millenials. One of the things that millenials are willing to pay for in rental properties are green features.
Based on a recent survey from the National Multifamily Housing Council (NMHC), renters want a sustainable neighborhood. With a greener property, you can attract more tenants, lower your expenses, take part in saving the environment, and charge more rent.
By now, you might be wondering how you can promote green living in your rental. Let’s explore 6 tips below.
Did you know that your electrical appliances account for one-fifth of your total energy consumption? Investing in energy-efficient appliances like refrigerators, dishwashers, dryers, and air conditioners drastically reduce your monthly energy bills. Aside from helping you gain more savings, these appliances reduce environmental pollution. The next time you replace an old appliance in your rental, buy products with the ENERGY STAR® label.
Recycling bins are the easiest means of encouraging an environmentally-conscious lifestyle for your tenants. Having these bins isn’t a costly effort. What’s more, you can even exchange materials like bottles and cans for cash at the local recycling center. You will need multiple compartments for each material type. Most recycling centers require that you separate materials before they accept them. Examples are aluminum, glass, plastic, and metal.
Tenants who are responsible for paying their energy bills will love digital thermostats. A digital thermostat makes an eco-friendly rental home feature. Tenants can set a temperature for specific hours. This convenience of control helps them save money while enjoying comfortable temperatures. Another benefit of programmable thermostats is that they don’t contain mercury.
Why not power your rental property with clean energy? As long as you have the sun, you’ll always have energy. Solar panels add value to your property in a way that they attract potential tenants. They don’t produce greenhouse gases and are low-maintenance. Again, solar panels lower energy bills. The only downside with solar panels is that they’re highly dependent on weather. They won’t gather as much energy when it’s cloudy.
Another way to have an eco-friendly rental business is to go paperless. More and more landlords today use technology to simplify their lives. Start accepting online rental applications. Use free online billing and invoicing tools. Sign-up for cloud storage services like Dropbox and Google Drive to keep your files.
Low lighting in the form of LED lights consumes less electricity when they operate. Because of this, you save money. Also, LED lasts up to 40,000 hours so you won’t have to replace your bulbs sooner. Traditional bulbs have a lifespan of only 1,000 hours. While LED lights tend to be expensive upfront, their long-term benefits translate to higher savings. Even with these smarter lighting choices, remind your tenants to turn off the lights when not in use.
These are easy tips towards an eco-friendly rental but they sure make your landlording business and tenants’ rental experience much better. Are you ready to upgrade to a greener rental? Hopefully, yes!
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