PMCs Achieving Sustainability in Multifamily Utilities Through “WEW”: Waste, Energy, Water.

Improving the operational performance of multifamily properties through sustainability practices is enhancing both their value and marketability. Increased attention to a trio of utility costs that for years have been considered merely a cost of doing business is beginning to put money in owner and operator pockets. And there’s asset value to consider as well. Improving operating efficiency to the tune of, say, $2 million annually through utility management translates into a $40 million boost in value at a 5% cap rate. And it all comes down to the basic necessities of apartment living and operation: waste, energy and water. “WEW!” as RealPage’s Vice President of Sustainability, Mary Nitschke, likes to call it. Nitschke says targeting waste, energy, and water for efficiencies through new sustainability solutions is having a big impact. One apartment operator reduced waste recycling contamination fees by 34% shortly after implementing a new waste management system. Another implemented a leak detection solution based on smart submeters that saved 750,000 gallons of water in the first three months following implementation. Sustainability solutions save lots of money. But they also serve as compelling marketing messages at a time when the number of residents seeking green apartment living is on the rise. A recent survey notes that 77%  say green living features save them money on utility costs – a savings you can promote as an amenity. “Right now, many investors and lenders see sustainable properties as being more resilient and a lower-risk investment, which is why sustainability attracts capital,” Nitschke says. Three avenues for making money Waste, energy and water-saving solutions are the trinity of RealPage’s Sustainability Suite, which affords properties proven ways to become greener. Multifamily clients are gaining better control of waste hauling and recycling expenses. Along with energy and water solutio...