Concern for the environment is growing stronger every day.
By prioritizing sustainability in your rental business, you can not only ease your own conscious, but also make your properties more appealing to tenants. A study by Innago showed that 65% of renters care about sustainability and green initiatives. Furthermore, environmentally sustainable measures can save you quite a bit of money in the long run.
Here are six sustainable solutions that you can implement in your rental business.
Going paperless in your rental business is one of the easiest ways to go green. By going paperless, you’ll save energy, reduce waste, and increase efficiency. To make things even better, it’ll also make your business operations easier to manage.
The best way to go paperless is to use property management software to run your business. Property management software offers several features that cut paper out entirely. Digital rent collection gets rid of paper checks and receipts, and automated bookkeeping eliminates the need to keep paper records. The biggest paper-saver, though, is digital lease management and signing. Paper leases can reach upwards of 20 pages in length, and with multiple leases and multiple copies of each lease, you’ll end up saving a large amount of paper by using software instead.
Install Solar Panels
Solar energy has become more accessible and less expensive with time. If you live in an area that gets regular sunlight for even just part of the year, you should consider investing in solar panels.
As a renewable and clean form of energy, solar energy is much better for the environment than fossil fuels like coal and natural gas. And while solar panels may seem like an expensive investment up front, they’re well worth it in the end. On top of reducing your energy bill costs, you can sell the unused energy your solar panels generate back to the supplier. With tax credits and installment plans, you can quickly get your money’s worth while helping the environment.
Use Green Appliances
Going green with your appliances has multiple benefits. First, because eco-friendly appliances are more energy-efficient, they’ll cut down on your utility costs. And, even though these appliances will generally have a higher up-front cost, the money they’ll save you in the long term is well worth the investment.
Second, advertising that your property uses green appliances will be more attractive for tenants, especially as more people become environmentally conscious. If you already have appliances that are in good condition, it’s probably not worth ripping them out. But, if you’re shopping for appliances, look for ones that have the Energy Star label, which tells you that they’re eco-friendly.
Windows that allow heat to escape during the wintertime can be costly. Because heat is leaving the unit, the tenant will need to crank up the thermostat, wasting energy and increasing utility costs.
You can easily and cheaply save energy by insulating your windows. With plastic liners, you can stop heat from escaping through cracks. They only cost a few dollars and allow for easy DIY installation. Additionally, you can buy specialty drapes, which are slightly more expensive but trap heat further and reduce drafts.
Change Air Filters
It’s recommended that you change your air filters every three months. This not only makes the air quality cleaner, but it also saves you energy. Dirty filters reduce the amount of air that gets through your heating and cooling units, which reduces efficiency and increases your energy costs.
Buying air filters in bulk and consistently replacing them on a schedule is an easy way to conserve energy and save money in the long run.
Change Light Bulbs
Because they’re less expensive in the store, it may seem like cheap light bulbs are saving you money. In reality, spending a little more initially on energy-efficient LED, CFL, and halogen incandescent bulbs will save energy over time, which reduces your utility bills and helps the environment.
There are several steps you can take, both small and large, to increase sustainability in your units. These eco-friendly solutions are better for the environment, attract more renters, and save you money over time.