Running a successful rental property needs to find tenants who are willing to pay your rental rates. While high-tech upgrades can boost the views on your listing, they won't always equate to stable income unless that's what your renters want. Now is the best time to introduce eco-friendly improvements as the world is becoming more environmentally conscious. Use this strategy to attract more tenants, and save more money in the long run.
5 Eco-Friendly Rental Improvements That Attract Tenants
Opt for Low-Flow Fixtures
Conserve more water by installing low-flow fixtures in your rental. As the name implies, low flow reduces the amount of water in your sinks, toilets, and showers used per second. The design and plumbing can be improved without reducing functionality so you don't have to worry about reverting to old fixtures.
Low-flow fixtures can significantly cut down water usage, and save you thousands of dollars in the process. If you're a landlord, you can also use this upgrade to justify higher rental rates to your tenants who can save a lot of money on utilities by renting your unit.
Install a Smart Thermostat
Install smart thermostats to help tenants manage heating and cooling more efficiently. Electric bills tend to skyrocket during peak summer and winter seasons because renters need to constantly open the AC or heater to escape extreme temperatures. However, the increased cooling and heating needs consume more power, and it's easy for tenants to forget to adjust the controls before bedtime and when they step out of the house.
Professional Property Management Group of Northern Virginia understands that reducing energy costs can also lower environmental impact, which is why smart thermostats are an excellent addition to your rental. This upgrade also increases tenant’s comfort on your property while helping save on utility costs.
Upgrade Your Windows and Insulation
Improve the insulation of your home to prevent the HVAC system from working overtime. It would be useless to install a smart thermostat for better temperature control if all the cold air is going to escape through the window drafts. It would be best to inspect entryways or gaps and then plug them with caulk. Upgrading to double-pane windows can also be worth it as it can act as another layer of insulation, improving air circulation and energy efficiency on your rental property.
Add Recycling Facilities
Set up recycling initiatives in your rental to encourage tenants to act more sustainably and reduce waste. Since the rise in environmental consciousness, more people are concerned about how our growing landfills negatively affect the environment, and recycling is an excellent way to play your part in slowing down the process. However, instead of demanding your renter sort through their garbage bags; you can make the process easier by providing in-unit recycle bins that make sorting easier. This initiative also attracts tenants who prioritize eco-friendly living, but still appreciate the extra convenience. Additionally, offering recycling promotions such as branded reusable bags or eco-friendly containers can further enhance the appeal of your rental property to sustainability-minded tenants
Choose Eco-Friendly Landscaping Designs
Go green by opting for eco-friendly landscaping ideas that reduce water usage and promote healthy green spaces your tenants will adore. Sustainable improvements aren't limited to the inside of your house, you can also make a difference in your yard. Incorporate hardscaping designs that improve your irrigation system, making it easier to avoid soaking some plants, while ignoring others. Lastly, consider skipping chemical fertilizers and opt for mulch which nurtures native plants better, and thus, boosts your curb appeal.
Benefits of Eco-Friendly Rentals
Reduce Utility Consumption
Spend less money on electricity by switching to eco-friendly upgrades. Features like low-flow fixtures, smart thermostats, and energy-efficient appliances lead to lower energy and water usage, saving hundreds of dollars monthly. Tenants can also reduce energy costs by unplugging devices not in use, thus, preventing them from more power than necessary.
Promote Sustainability
Minimize your environmental impact by choosing upgrades that conserve water and energy in your rental. Such practices can help you play your part in keeping our planet clean and healthy while attracting eco-conscious tenants to your listings. Some upgrades can also indirectly reduce your carbon footprint. For instance, insulating your windows reduces your rentals' dependence on energy consumption, reducing pollution and combating some of the effects of climate change.
Attract Eco-Conscious Tenants
Improving occupancy rates by marketing your rental appears as a positive sustainable practice. Aside from the environmental benefits of going green, getting eco-friendly upgrades can also help you keep your vacancies low. As our community becomes more eco-conscious, more people are intentional about living in a house that aligns with their values. Eco-friendly upgrades can help you attract a growing demographic and even increase your tenancy retention rates.
Increase Your Property Value
Set your property apart from the crowd by incorporating environmentally friendly features. Upgrades that improve energy savings and reduce residents' utility costs are often in high demand, giving investors a reason to justify higher rental rates. If owners decide to pull out of the real estate business, they could get a significantly higher markup during sales because eco-friendliness often has long-term durability.
Conclusion
Keep your rental units full and your cash flow steady by opting for upgrades that appeal to renters' pockets and values. Consider eco-friendly improvements to get ahead of the competition while charging competitive rates. Improvements like low-flow fixtures, insulated windows, and smart thermostats can reduce utility bills without skimping on functionality. On the other hand, your home's curb appeal can be improved by purchasing proper recycling bins and incorporating green landscaping designs.
In the long run, these updates can even pay themselves off by increasing your property value and reducing your overall utility costs. By promoting sustainable actions, eco-friendly upgrades have other short-term perks such as attracting eco-conscious tenants, keeping your rentals filled, and boosting your cash flow.
