In the past, renters didn’t necessarily have environmentally conscious initiatives high on their rental checklist. Going green wasn’t the popular trend, but rather an optional way for landlords to cut costs and maybe stand out from competition in the area. While this may have been the reality in the past, times are definitely changing. As Millennial and Gen Z renters increase their share in the tenant pool, the pressure on rental property owners to follow environmentally friendly practices is rising dramatically.
By the year 2020, Millennials are expected to account for over 30% of the population, while Gen Z will account for 40% of all consumers. One of the things these younger generations value is the environment and issues affecting the environment. Renters are increasingly considering eco-friendly features as must-haves when searching for a place to live. The National Multifamily Housing Council found that renters are willing to pay more for sustainable features like energy-saving appliances or bike storage.
Property managers and property developers are noticing the shift towards going green as well. In 2008, only 2% of large-scale multifamily buildings were considered green, while 15% of what has been built after 2008 is considered green. Energy efficient construction and green building is encouraged by the latest building codes and will often cut costs for property owners in the long run. Rental property owners should consider incorporating green initiatives to help fill rental vacancies more quickly and potentially justify asking for a higher monthly rent.
So what can you do to “green” your property and make it more appealing to this growing and powerful group of new tenants? Here are a few tips.
5 Ways to Offer the Energy-Efficient Features Millennial & Gen Z Renters Seek
1. Change up your lighting.
Switching to LED lightbulbs is one of the fastest and easiest ways to save…