Keys to a Successful Sustainability Strategy for Multifamily Housing Companies

Sustainability for multifamily housing is difficult to define because it means different things for each company, depending on where they are in their sustainability journey. Their efforts can range from small actions like replacing high-energy light bulbs with LED ones to big initiatives like automating energy, waste and water management. One thing is for certain if you’re a rental property owner or operator: You must prioritize sustainability sooner rather than later. It’s critical to the success of your business as prospects, residents, investors and other stakeholders demand that you focus on reducing energy and water consumption and improve utility performance in units and buildings across your apartment communities. How do you start this journey, and if you’ve started, what’s your next step? No matter where you are on the sustainability path, here are some key things you need for a successful strategy. Get & stay compliant On your sustainability journey, you can’t avoid these energy-efficiency requirements: Utility benchmarking. You may be required to get or stay in compliance by tracking how much energy and water your buildings consume, comparing data against similar buildings and reporting findings via ENERGY STAR® Portfolio Manager® (ESPM).For more on benchmarking: See states and cities that have adopted energy benchmarking ordinances and info on building type and size, actions and penalties. Watch the webcast "Energy Benchmarking 2024: What You Need to Know," where experts discuss how to prepare for the benchmarking season with ways to address the list of ever-changing regulations and mandates. Building performance standards (BPS). For your buildings, you may be required to improve upon or meet specific performance targets related to energy efficiency, electrification and greenhouse gas emissions.For more on BPS: See states and cities nationwide with BPS policies and information on performance ta...