Since the dawn of the 21st century, the issue of climate change has increasingly become more prevalent. The move towards the reduction of our carbon footprint is widely discussed among several people and industries. In the real estate business, green leasing is steadily becoming popular to combat the 30 percent carbon emission attributed to this sector.
Several benefits come along, making your rental property eco-friendly and sustainable. Apart from helping reduce carbon footprints, you get to enjoy certain tax benefits, cut off some operating costs, and gain a more competitive market advantage. Also, having a healthy and comfortable surrounding makes tenants inclined to stay longer in.
Millennials and Generation Z-ers mainly comprise the market of the real estate business. These groups are notably environmentally aware and concerned than the older generations. They prefer green homes and energy-efficient facilities. Having a green and sustainable rental property will likely make yours more appealing to these tenants.
Making your rental property environmentally-friendly and sustainable does not mean you have to invest thousands of dollars for state-of-the-art solar panels and temperature-regulating walls. There are cost-effective ways of reducing your rental property’s carbon footprint without breaking your bank. Check them out below.
Switch to Led Bulbs
One of the simplest ways to become green is to replace your property’s old light bulbs to Light Emitting Diode (LED) bulbs. Compared to incandescent light bulbs, they produce light up to 90 percent, while significantly lowering your electricity bill. LED bulbs last much longer than regular light bulbs, too.
Install Programmable Thermostat
A considerable amount of energy is wasted when you are using an outdated thermostat. Upgrade your rental units by installing programmable ones without blowing off your wallet. By using this, your tenants can monitor and adjust the temperature of their units according to their liking. Since programmable thermostats do not have mercury content, they are eco-friendly to use.
Ensure Proper Insulation
One of the essential considerations in making your rental property environmentally inclined is to ensure proper insulation. Gaps around windows and doors are often the reason why the unit’s HVAC system works less efficiently. To save energy, make sure all cracks in places are sealed.
Use Energy-Efficient Appliances
Old appliances use a lot of electricity. On the other hand, Energy Star labeled ones are government certified to reduce greenhouse gas emissions. Switching to these appliances to make your property environmentally-friendly and sustainable can be pricey, though. Nonetheless, it is a good strategy for reducing utility costs in the long run.
Install Solar Panels
Nothing speaks louder of green leasing than by harnessing the sun’s power through solar panels. Solar panels help significantly reduce carbon footprints since you can use it to produce electricity to power light and other electronic devices. However, solar panels can be expensive. If your budget doesn’t allow it, you can opt for larger double-glazed windows so that your tenants can let natural sunlight in.
Switch to Organic Cleaning Supplies
As a green tenant, you do not just stop on energy-efficient appliances and LED bulbs. You should also consider using natural or plant-based cleaning supplies, such as bicarbonate soda, lemon juice, and white vinegar. When cleaning your property’s communal pool, choose an acid-less cleaning substitute. A steam cleaner is also a great way to keep your rental units free of germs and bacteria without using any cleaning product but water.
Switch to Eco-Friendly Flooring
Another sustainable feature modern renters want in a rental property is a low-maintenance, eco-friendly flooring. Gone are days when carpets are in. Renters prefer hardwood floors over carpets because it is longer-lasting and easier to maintain. However, if hardwood floor replacement is not on your budget, vinyl plank flooring and wood tiles are excellent alternatives. Both are easier to install and can last longer.
Blinds and shades are fashionable but do not discount the benefits of thick blackout curtains. Besides keeping the light out and filtering outside noise, they act as thermal insulators, helping you conserve energy by keeping units warm during cold weather and cool during summers.
Install a Water Filtration System
There are chemicals and toxins found on natural tap water, making them unfit for drinking. Since millennial and Gen Z tenants are concerned about the negative impact of plastic water bottles on the environment, having a water filtration system will surely turn heads. Though it may mean a higher rent amount, these tenants are willing to pay for it.
Set Up a Communal Garden
If your rental property has an open space, you can set it up as a community garden. Despite the fast-paced and busy lifestyles of the younger generations, they love gardening. Apart from the benefit of growing your food, your community garden can help your tenants to socialize.
Green leasing not only boosts your rental income, but it also creates happy and satisfied tenants along the process.