Now is the Time to Embrace Apartment Sustainability and Energy Savings

When it comes to utility management and apartment sustainability, multifamily housing can shape its future by becoming more agile and adaptable, and embracing change. And there is no better time than now, industry leaders say, to realize opportunities in conservation that trickle to the bottom line through operational efficiencies.  The proliferation of the Internet of Things has put technology in place that allows operators and residents to save on utility costs. Investors are increasingly emphasizing sustainable apartments, and residents from Millennials to Baby Boomers want more eco-friendly places to live. Talk of reining in utility expenses has become common at industry round tables. Jeff Kok, Chief Innovation Officer and Chief Information Officer at Mill Creek Residential Trust, says it’s a very interesting time for sustainability and associated environmental, social, and governance criteria. He was among a number of sustainability experts in multifamily who spoke at February’s 2021 RealPage Energy Summit. “You are seeing a much stronger push with investors across the board,” Kok said at the Summit. “They are looking for programs that tie to sustainability and ESG. The energy performance of every asset is critical, especially when rents are down in markets like San Francisco and owner/operators are looking to reduce risk, enhance returns, and drive superior quality and performance.” Adding asset value by reducing expenses The success of a sustainable program depends on buy-in from stakeholders and residents, multifamily industry leaders agreed. Providing residents with the tools to promote sustainability – including education and consumption metrics through monthly billings – is a starting point. If residents can see their consumption and its impact on billing, they are more likely to try to conserve. Vicki Parrish, Sr. Director of Advantage Solutions at Greystar, says her company has gone to great le...