Five Ways Tenants and Landlords Benefit from Energy Efficiency

One of the easiest ways to reduce operating costs, enhance the value of your multifamily property and receive a quick return on your investment, is to make energy-efficient upgrades. Here are five ways energy efficiency is a win-win decision that benefits landlords, owners and tenants:

Keeps you Competitive

Many renters value energy efficiency when looking for a place to live. Even small energy-efficient equipment upgrades like installing smart thermostats can help attract new tenants who are looking for energy-efficient amenities but who also want the charm and character of an older property.

Increases community safety and property appeal

Good lighting helps residents feel more secure in their surroundings and can create a welcoming atmosphere for current and future tenants. Lighting upgrades in common areas and outside spaces can be an easy first step in any energy-efficiency strategy, and many times pay back the investment through energy savings in two years or less. Plus, since LED bulbs last much longer than their older counterparts, you can expect fewer requests from tenants to change a burned-out bulb.

Comfort helps with tenant retention

Keeping tenants comfortable is a great way to maintain a low vacancy rate and reduce turnover in your multifamily property. Energy-efficient window upgrades, for example, can improve indoor air quality, reduce drafts and condensation and decrease outside noise. Tenants will value the energy savings and the added benefits of having a quieter, more comfortable home all year round. New windows spruce up a property’s appearance, increasing the property value for you.

Save costs in common areas

You are likely paying the water bill for your property and the energy bill for common areas. Upgrading to energy-efficient systems for common-areas, like laundry and mailrooms, can lower monthly utility bills by consuming less water and electricity. Additionally, tenants will appreciate the upgraded shared spaces.

Creates a strong community

Strong communication and trust between owners, management and tenants is critical to maintain a successful multifamily property. Making energy-efficient upgrades allows you to interact with tenants not just when there are problems in the building, positioning you as a proactive landlord. Additionally, the savings from lower energy costs and reduced maintenance needs allow you to direct focus and economic resources to enhancing other aspects of your property.

From using resources more efficiently to increasing property value, energy efficiency is a solution that can benefit your property in a variety of ways. If you are a property owner in the central valley, the Multifamily Energy Savings Program (MESP) can help you tap into these benefits while earning cash rebates. MESP’s energy advisors are ready to help you identify potential upgrades that qualify for cash incentives and usher you through the project from start to finish. If you qualify, you can schedule a free walkthrough survey after which you’ll receive a report detailing potential upgrades and estimating annual savings. For more information or to check eligibility, contact us at connect@multifamilyesp.com or visit www.multifamilyESP.com.

Posted April 29th, 2022