Should Your Rental Property Go Green?
You don’t have to own an electric car, walk everywhere you can’t bike, or only buy sustainable, organic products to care about the environment. As a property owner and landlord, you can do your part to care for our planet through your rentals. Best of all, even if the environment isn’t one of your passions, going green can benefit your rental business and help you earn more money as a landlord.
Features of Eco-Friendly Upgrades
If you go green in your rental property, whether as a remodel or new construction, you’ll have key features to use to attract renters:
● Lower utility costs as a result of the rental being more energy efficient
● Better air quality from non-toxic materials and less potential for dust and mold
● Higher and better quality of life with upgraded appliances, walkability of a location, better air, cleaner water, and more
Going green will help you market your property to potential tenants and stand apart from other rentals in your area.
How Do Landlords Benefit from Going Green?
You know what attracts renters to an eco-friendly home, and it’s a good case for going green, but what’s in it for you? Good question.
● You’ll have more interested and higher quality applicants.
● You can justify a higher rent due to the upgrades and access to green amenities you provide.
● You’ll be able to market directly to millennials, a big population of renters, who want eco-friendly homes and products.
● When you’re ready to sell your rental, you may be able to list it for a higher price because it’s a green home.
How Do You Go Green?
The big question in all of this is how do you take an existing rental and make it eco-friendly without spending too much money. There are plenty of things you can do to go green and attract more and higher pay renters.
● Schedule an energy audit. The technician will come in and check for inefficiencies and where you can become more energy efficient.
● Replace old appliances with Energy Star appliances. You don’t have to replace them all at once. You can do this as they begin to age and stop working.
● Weatherize a rental before putting it on the market: consider installing new windows, seal cracks and crevices around doors and windows, and add insulation to the attic/crawl space.
● Replace light bulbs with CFLs or LEDs. They last longer and use less energy.
● Find out if recycling is an option for trash service at your rental. This is a great “feature” to promote to potential renters.
● When marketing your property, make note of any eco-friendly amenities or features such as walking distance to local shops or restaurants, available bike paths, etc.
● When you remodel your rental property, use eco-friendly supplies where possible. You’ll be able to use this as a feature in marketing the rental.
When selecting an investment property to purchase, rehab, and rent out, keep these things in the back of your mind, as well. How easy would it be to make it more energy efficient? Are there good sidewalks, access to bus stops, and plenty of bike paths for potential renters to use? If you buy a property that’s already got good “green” features, part of the work will be done for you.
Going green is good for the environment and lowers costs for renters which are both wonderful benefits. As a landlord, renting eco-friendly properties allows you to ask a higher rent, make your property more marketable, and when you’re ready, to sell quicker and for more. Going green is great for business.