According to RentecDirect, a leading property management software company, 64% of young adults (ages 18-33) said they are willing to pay higher rents to live in an environmentally-friendly rental. In addition to attracting high paying tenants, going green can save you money in the long run. There are many opportunities to make your rental more sustainable. Here are six ways to get you started.
Use LED light bulbs.
- Not only do LED light bulbs use less energy, but they can also save you around $500 per year (Source: RentecDirect). Additionally, LED light bulbs are brighter and have a long bulb life. We like these Great Eagle, long lasting, energy efficient light bulbs.
- See more sustainable products for your rental here.
Track energy usage with a monitoring device.
- An energy monitoring device can provide you with insight into your rental’s energy consumption so you can make adjustments as necessary. Further, leading property management software company AppFolio found that energy monitoring devices are the number one device landlords should install. Check out these three energy-monitoring devices from Amazon.
Minimize water consumption with water saving shower heads.
- There are low-flow shower heads designed to reduce water consumption by up to 40%. It can further reduce energy consumption, since it will cut back on energy needed to heat shower water (Source: Brothers Plumbing). Check out this Waterhawk Smart Shower Head with real-time water usage metrics.
- 68 million trees are cut down every year in the United States for paper (Source: Statista). Save the trees and opt for electronic communications and rent collection by using a solid property management software. Young renters will appreciate going digital and the reduction in your carbon footprint. See our list of top-notch property management software companies.
Manage the heating and cooling with a smart thermostat.
- A smart thermostat will enable remote programming as well as provide you with weekly and monthly energy reports. The popular Nest Thermostat is Wi-Fi enabled and guides you to the best energy-saving settings.
Install solar panels.
- While solar panels aren’t for everyone, they are fantastic for the environment, can substantially decrease your electricity bill, and increase your property value. (Learn more about the benefits of solar panels).
For more resources on managing your rental property, check out our Investor Resources.