As a property owner, it can be a real challenge to find renters that you can count on to respect the property and the rent due date. Attracting your ideal renters is all about offering the types of upgraded features that reliable renters value most. According to SmartMove, “Modern tenants, especially millennials, are interested in homes that take sustainability and energy efficiency into account.”
These renters value properties with energy efficient features not only for the larger role these items play in protecting our environment but also for the savings they provide. “Consider that the average annual energy bill for a typical single-family home comes in at $2,200, between heating and cooling costs, appliances, lighting, and electronics. Helping tenants decrease these costs can give your property a competitive edge” (MySmartMove.com).
So when you are looking for ways to attract high-quality renters to your properties consider these six energy efficient upgrades.
Energy efficient light bulbs such as compact fluorescents and LEDs can seem like a ridiculous expense when standing in the aisle at the store and adding up their price tag compared to traditional incandescent bulbs. But believe me, the energy savings and life of the bulb make them well worth the upfront costs. According to the Department of Energy, these bulbs last up to 25 times longer and use up to 80 percent less energy than traditional bulbs. Some of these bulbs last 10 years or longer without burning out. Light bulbs may seem like a small upgrade, but they will make a big difference!
Regularly replacing your air filters not only helps maintain a healthy air quality for your tenants, it also helps your HVAC system run more efficiently. Asking your tenants to take on this responsibility (a common practice) almost guarantees it will rarely get done. Telling your tenants that you will provide (and install if they prefer not to do it themselves) new filters every 90 days will make them feel like you care about them while at the same time help you save on costly HVAC repairs and maintenance.
Changing out old appliances for new energy-efficient appliances will make a huge difference in updating the look of your property and will go a long way towards cutting back on energy costs. Two things that will be a plus on any potential renter’s checklist and can help you generate higher rents while cutting back on operating expenses.
Adding quality insulation wherever possible is a great way to cut back on expensive heating and cooling costs. While added insulation is not a visual upgrade that potential renters will spot on their own, listing it as a recent upgrade will be a very attractive feature for your property as today’s renters are more interested in energy efficiency and saving money.
Furnace and AC Units
More often than not, the idea of replacing these items makes you cringe, especially if the units you currently have are working fine. However, replacing these items with new models will not only dramatically reduce your carbon footprint, they will also save you 10% to 20% off your energy bills. It’s definitely an investment that is well worth making.
Like new appliances, upgrading your landscaping with shade-providing trees and plants can significantly reduces operating costs for you and your tenants. Shady trees can also improve your curb appeal, making your properties stand out from the rest. The Department of Energy does a great job explaining just how big an impact properly planned landscaping can have on energy costs.
Making the energy efficient upgrades to your properties will pay off in many ways. You will cut back on your long-term operating and maintenance costs. You will reduce your energy consumption saving you money and decreasing your impact on our environment. Most importantly, you will attract the kind of renters that value the eco-friendly benefits these upgrades provide and will be willing to pay more for them.
Note from the GREENandSAVE Staff: Here are two examples of other articles by Ms. Winters to provide you with more perspective on her insights: