Savings through Sustainability Trickle to the Bottom Line

Sustainability is the new norm in multifamily housing. From coast to coast, owners and operators are discovering that the old adage, a penny saved is a penny earned, has never been more relevant. With every drop of water and kilowatt of electricity conserved, the bottom line looks better. It’s not just heeding your father’s warnings to keep doors closed so cool air doesn’t escape on a warm day. Sustainability is about improving NOI through reducing costs that accumulate beyond the neglect of a resident who takes out the recyclables but leaves the water running in the kitchen. Leaky toilets and poor insulation are among the silent killers that can usually be headed off by educated residents and relentless maintenance practices. The Environmental Protection Agency and other agencies remind that leaks in the average U.S. household can account for nearly 10,000 gallons of wasted water indoors and outdoors every year. And, about 35 percent of a room’s heat will escape through the walls and in and around windows and doors. Left undetected, they can bring an apartment community to its knees. But good sustainability practices go a step farther. Finding the data and following a path to savings The multifamily housing industry is fast embracing sustainability beyond recycling soft drink bottles and cardboard boxes. A holistic approach to conserving water, natural gas and electricity, which rank as a property’s third-highest spend category, is at the top of minds of industry leaders. Advocacy groups tell poignant stories about practices and how they have saved hundreds of thousands of dollars. “Sustainability has been a hot topic lately,” said Amye Baker, RealPage Vice President of Product Success. “It’s a popular topic at industry conferences. It’s all over the news, and investors, owners, operators and even governmental agencies, unfortunately, are focusing on sustainability practices. “Rising utilit...