Sustainable Apartment Living is Paying Off for Apartment Owners

Sustainable apartment living continues to gain popularity among residents, nudging property managers toward more effective utility management solutions and green practices. Residents are willing to pay more to live in sustainable communities, and even to allow management to view their utility bills in order to analyze energy performance. Several factors continue to point the green arrow in multifamily’s direction. Sustainable communities are good for business, not just a marketing gimmick to boost occupancy and rents. Lower utility costs and more effective waste management add value to properties, attracting the interest of institutional stakeholders. Investors and lenders prefer properties that perform at their maximum efficiency, not those with leaky toilets and electricity meters spinning like game-show wheels. Properties and portfolios that have control of their energy and waste management spending stick out like a green thumb. And utility management outfits such as RealPage Utility Management are helping them achieve it.       Millennials, Gen Z renters embrace green lifestyles Support for recycling and sustainability initiatives is growing across multifamily. Of residents polled in the 2020 NMHC Kingsley Renter’s Preference Survey, 73% said they are interested in, or won’t rent an apartment without, sustainability/green initiatives at the property. This is up from 65% in 2017. Among most desirable amenities are ENERGY STAR certified appliances, high-efficiency washers and dryers and smart thermostats. Residents are also mindful that it takes a village for a property to reach its energy and utility efficiency potential. While advocating energy efficiency in multifamily isn’t a new fad, younger renters are at the forefront of a growing wave. They demand green solutions for just about everything, especially housing. In 2015, Forbes reported that almost three of four Millennials said they were willing to pay...