Sustainable Rental Properties in 2021: How to Reach the GoalJanuary 25, 2021
The notion of sustainable property management is quite vague, and investing in sustainable real estate is not a major trend yet. But with growing concern about air and water pollution, overconsumption, and climate change, environmental sustainability is definitely worth our attention.
It’s challenging to lead a sustainable lifestyle amid the pandemic. The single-use face masks, disposable gloves, and other protective equipment make it next to impossible to maintain a zero-waste lifestyle. But there are still basic ways for landlords to eliminate waste and reduce the environmental impact during the pandemic.
But is it enough? And most importantly, is it worth the effort?
We’ve put together a couple of solutions highlighted in our previous blog posts that will contribute to environmentally friendly property management. Let’s dive in:
Energy efficient appliances
Purchasing energy efficient appliances to replace the old ones is a good money-saving investment. They consume less energy and are higher quality, so you’re likely to reduce the number of tenants’ maintenance requests down the line.
Depending on the model, appliances with an Energy Star label will save you 10% to 50% of the energy required. Having an energy efficient dishwasher in your rental property, for instance, will not only lower water usage, but will also increase the value of your home.
Water filtration system
Research shows that 8 million metric tons of plastics goes into the ocean each year. By installing a water filtration system, you’re literally reducing the amount of plastic used daily. Also, water filters will deliver cleaner water to your rentals.
The main advantage of solar panels for residential single-family homes is that you’re lowering electric bills and moving towards the so-called clean energy along the way.
In residential properties, the tenants are usually responsible for changing light bulbs unless the lease agreement says otherwise. But you probably want to encourage your tenants to use a more energy-efficient alternative to the traditional bulbs.
LEDs are more efficient, last longer than incandescent bulbs and consume around 80% less energy. Plus, diode light helps to see the real color of objects due to its high Color Rendering Index.
Digital lease agreements
In the time of the pandemic-related lockdowns, going digital is essential for any business. No surprise that most landlords and property managers have already moved their rental business online and are now using digital lease documents as well as electronic signature.
In terms of environmental friendliness, that is a huge step towards reducing paper consumption and therefore saving natural resources.
Digital payments are not only environmentally friendly, but they also allow you to accept/transfer the funds faster and more securely.
Based on a report conducted by the National Landlord Association, the number of transactions made by check has decreased in 2020 while credit/debit card and ACH payments are becoming even more widespread among American renters.
How do you contribute to eco-friendly rental management? Are there any proactive strategies you’re planning to apply in 2021?
Related articles: Is Every Landlord Going Green But You
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