Solar power, water efficiency gadgets, or advanced insulation were all considered an extra expense for a rental. Why? Because the landlord, as well as the tenants, were least bothered. These installations aren’t cheap; hence they take a toll on profits, and it takes time to recover from them. Also, because the tenants weren’t bothered about going Eco-friendly and weren’t willing to take increased rent rates due to these changes, there was no point in installing them.
Times have changed, the world is changing, and the inhabitants finally realize that we are harming the environment as well as our home by being careless about such things. Eco-friendly homes are now in high demand. Mostly because the renter’s pool has changed it’s dynamic. Nowadays, the renter’s pool is dominated by the Millennials as well as Generation-Z; and both of these groups care a lot about the environment. Not only that, they care, but they are also aware of how it works and what are the things to avoid.
These installations are expensive, but in the long run, they help cut-coats and increase the ROI. They also make your rental impressive. Here’s how you can make your rental Eco-friendlier and attract the Gen-Z and Millennials.
Insulation Upgrade:
The first step you should take in making your home or rental Eco-friendly is to add better and improved insulation. It’s the first and most efficient step towards having an Eco-friendly rental that will attract better tenants.
How does poor insulation ruin the impression of your rental? With poor insulation, the heat escapes, leaving the rental cold and uncomfortable. No matter how hard you try, if you have poor insulation, the house will never get as comfortable as you want it. With proper insulation, you get a comfortable environment to live in and save on your energy bills. When the bills go down, it benefits both the tenants as well as the landlord.
Did you know that the UK passed law from April 2020 that no landlord shall be able to rent out their properties with only a minimum EPC (Energy Performance Certificate)?
How to get the rental adequately insulated? The first and more efficient solution is to weather-stripe your rental. This is not only the quickest way but also the most inexpensive one. It will help adequately insulate the property and also lower the bills.
Lights And Efficient Appliances:
Small things around the house make the most impact when it comes to making your home Eco-friendly. The energy-efficient appliance is the next step in the line. If you are looking to create an Eco-friendly impact on the tenants as well as the planet, you will need to create a dream rental. When asked what qualities tenants want in their dream rental are, most tenants replied ease of living and efficient appliances. This means that most tenants are looking for rentals that are furnished with efficient appliances so that their life and expenses become more comfortable to bear. With efficient appliances, the tenants can save up to $400 a year on utility costs.
This is a bonus they are happy to accept, even if they have to pay a little extra for the rent. LED bulbs, lights, efficient appliances like dryers, washers, and cooking machines can help decrease the utility bills with all that you can save up to $500 on lights only. Apart from that, these bulbs also have a longer life-span, so you replacing cost goes down as well.
Solar Panels:
Sustainable energy can do a lot for the earth as well as your energy bills. However, this is a very advanced step for rentals. Again, it’s a step that is highly appreciated by high-end tenants. Places like Nevada or Southeast Asian countries like Malaysia and Indonesia are the best locations to get solar panels as they get more than 8 hours of daylight.
When buying solar panels, you need to be extra smart and get the solar inverter that suits your needs the most. An inverter is a boxed unit that links the panels with the rental’s switchboards. This way, the direct-current is converted into alternating current, which is ideal for rental homes. For such purposes and convenience, the SMA inverter is the ideal solar inverter for rental homes.
The SMA solar inverter also comes with a minimum warranty of 5 years and a full warranty of 10 years, which is again a great thing as it decreases your replacing cost. A flexible design also accommodates upgrades, so you can just get it to upgrade, saving you from getting a replacement.
Water Efficiency:
Just like energy efficiency and proper insulators, you can save a lot if you have water-efficient installations. You can make your home a lot Eco-friendlier if you keep a keen eye on your water consumption. For this, the tenant, as well as the landlord, will have to be on the same page.
As a landlord, you can get water-saving taps, shower-heads, as well as toilets. At the same time, the tenant should be vigilant about any leaks that might waste water. Being vigilant and responsible is how you save the bills as well as the environment. All drips and leaks should be reported in time so that there will be no flooding or such accidents.
Reuse and Recycle:
One of the most important factors of being Eco-friendly is being able to recycle anything that has served its purpose. Our excessive use of plastic and excess packaging has added a massive strain on the environment, and we are the only ones who can eliminate that by recycling.
Environmental activists are now doing a lot to save the environment and eliminate the use of plastic, and it’s waste by recycling. As a landlord, you must make sure that your rental supports this by installing recycling collection containers and guiding the tenants on how this can be done.
Easy to follow guidelines, as well as strict rules, will help. Having monthly meetings to discuss this will also help the tenants see that this is a cause you support, and they should be willing to help you with the same.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
