The Unexpected Benefits of a Green Property

March 18, 2019

in General,

The Unexpected Benefits of a Green Property

By Ashley Tyndall

Today’s renters have come to expect a level of sustainable features in their apartment home, from on-site recycling to energy-efficient appliances, in addition to more unique features like sustainable landscaping and bike-sharing stations.

Green features that were once considered a potential “fad,” are now practically a requirement.

According to the 2018 AMLI Residential survey, 83 percent of renters consider living in a green community as beneficial to their health, and 59 percent are even willing to pay more for this kind of designation.

From short- and long-term investment returns to increased resident retention, there are many benefits for going green. Some studies even show that commercial and residential green buildings command up to 30 percent higher rent than non-sustainable buildings. Occupancy rates can also rise up to 23 percent higher for LEED apartments.

Lower Construction & Maintenance Costs

It’s no secret that sustainable living can lower energy and water bills. What is lesser known is that green features can increase durability measures, thus reducing long-term maintenance costs through improved moisture management.

Efficient design can also lower construction costs by avoiding excessive waste and material use. For example, efficient construction techniques eliminate non-essential materials and provide structural integrity, which can provide more room for insulation and reduce costs.

Save Water

Owners can also limit storm runoff, lower irrigation costs and landscape maintenance, and lessen the impact on waterways through sustainable site-development practices. Additionally, water-efficient designs often lower owner costs for outdoor and common areas, as well as resident utility costs.

Smart irrigation controllers ensure your plants are watered and verify that your systems are performing correctly. There are also opportunities to use native plantings and replace turf with drip irrigation.

Improved Air Quality

By using sustainable materials and new installation techniques, the building can benefit from enhanced indoor air quality and lower transmission of sound and odors between units. Eco-friendly construction methods and materials also reduce contaminants introduced into the apartment air thanks to low levels of volatile organic compounds in sealants, coatings, paint, and adhesives.

Further, some apartments are promoting high air quality by automatically tracking and adjusting temperature and humidity for occupants. Automatic temperature adjustments reduce the need to heat or cool an apartment by utilizing tempered air from outside. This not only helps increase resident comfort and create a healthy living environment, but it also enhances energy efficiency.

Higher Resale Value

Several studies have demonstrated that apartments and buildings near public transportation are often more valuable than similar properties without close access to rail lines, subways, and bus routes. Green homes within walking or biking distance of stores and popular attractions can also command higher rent, resident retention, and higher resale value.

For example, many communities offer covered bicycle storage, on-site bicycle repair shops, or partner with a bike-sharing service as a convenience to their residents and to reduce greenhouse gas emissions. Some properties are also prioritizing onsite fitness studios, business lounges, and game rooms to prevent residents from having to drive off community grounds to access these activities.

Is the Future of Multifamily Green?

From refrigerators that monitor residents’ hydration levels, to smart homes that analyze a unit’s air quality, technology is continually advancing and making it easier for apartment communities to incorporate green features into their units. Sustainable living not only promotes healthy lifestyles but also increases energy efficiency and cuts costs. As a bonus, your property doesn’t always have to break the bank to integrate sustainable design into the property. Residents increasingly desire sustainable living in their everyday, and the multifamily industry is in a great position to benefit financially from this rising demand.

Sources:

Build (and keep) a Maintenance Dream TeamApril 8, 2019 Three Reasons why Apartment Maintenance Crews are your Key to Retaining Residents in Winter Weather.February 15, 2019

The Unexpected Benefits of a Green Property