Climate change is an issue that is widely discussed among many people and industries, and as a landlord, it is important to take a look at your rental properties and practices to ensure you are getting the most out of your properties while also staying sustainable and environmentally aware.
Why is it important to be a green landlord? Because not only does being green reduce your and your tenants’ carbon footprints, but it will also help you get and keep tenants. Members of the millennial and Gen Z generations are increasingly more environmentally aware and tend to favor policies that reduce carbon emissions. These groups are also more likely to rent than older generations. Becoming a green landlord will make your rental properties more appealing to tenants and save you money in the long run. Here’s how.
Sustainable Rental Properties
Having an environmentally friendly property is where sustainability starts as a landlord. If you have an older rental unit or one that needs to be updated, consider enhancing your property to have green amenities. Here are some key things you can do to create a sustainable rental property:
1. Install LED lightbulbs: This is an easy fix, especially for outdated apartments. Fluorescent lightbulbs contain mercury, which will contaminate landfills; however, LED lights are up to 80% more efficient than other types of lightbulbs, last longer and are usually brighter.
2. Use a programmable thermostat: Many lost dollars can be attributed to an outdated thermostat that is not adjustable. Update your rental so your tenants can adjust the heating and air conditioning and set timers themselves to properly save energy and money.
3. Remember landscaping: If your rental, whether it’s a house or apartment, has a yard, you should consider how to be energy efficient while adding curb appeal with the landscape you choose to go with. Maybe forgo large amounts of grass or plants that require more watering. Choosing the right plants for the climate will be essential for survivability and prevent you from having to buy and plant every year. Don’t forget to ditch the harmful pesticides this time around!
4. Renewable energy: If your budget allows, solar panels are an excellent source of energy to consider for your rentals. However, these can be expensive. To still use the sun efficiently without solar panels, have larger windows and high-quality window blinds that will allow your tenants to let more sunlight in.
5. Recycling: Many apartment complexes don’t offer recycling to their residents. But providing a recycling bin to your tenants will encourage more sustainable living and on the plus side, landlords can sell recyclable materials to services in certain locations. Check BeRecycled.org for your local recycling options.
6. Shower heads: It is often wasteful to try to have high water pressure with older shower heads. Luckily, these days there are more efficient and affordable shower heads that will save water while still delivering a good, adjustable water pressure.
Benefits Of Being A Green Landlord
Being environmentally conscious as a landlord doesn’t have to be a difficult process. The initial expense of getting your rental unit up to green standards will cost time and dollars, which is why thinking in the long term is necessary for your properties — spending money to create a luxurious, amenity-filled and overall green apartment will be extremely beneficial for the long-term ROI on your property. As mentioned previously, a major benefit of an environmentally sound unit is to attract renters. Here are a few more:
• Save on utilities: If you as the landlord pay the utilities or include them in the rental price, sustainable rental units will save money on energy and water. This is a great way to low monthly expenses.
• Raise the rent: By having an updated and sustainable rental property, your unit will be more attractive, and its value will increase. Because of this, you will reasonably be able to raise the rent, which means a greater return on your end.
• Encourage green living: By creating a sustainable space, you will encourage your tenants to be more green and environmentally aware in a time when a lot of people think being green is too time-consuming or difficult.
To assess your current rental properties, I recommend performing an energy audit — either a professional or DIY one — to see where your rental unit is losing money and where you can save.
Our environment is in desperate need of people who will take action. Thank you for this inspiring and informational article on how a landlord and other residence owners can work to help the environment. Keep up the good work!