Multifamily data research: renters want sustainability
While many believed sustainability was a short-term fad, multifamily data research suggests that it is here to stay and more important than ever. As millennials continue to rent and Generation Z is starting to move in, now is the time to create a sustainability plan for your apartments.
What does multifamily data research say about sustainable communities?
Gen Z and younger millennials are some of the biggest supporters of sustainability, according to apartment market data. About 80% of apartment residents believe that living in green multifamily communities is good for their health. Also, 81% of consumers today think companies should be pursuing environmentalism. Younger generations are even willing to pay more for sustainable products and services. In fact, 61% of renters say they would pay more each month in rent for an eco-friendly apartment.
Cost-savings also plays a role in the desire for sustainable apartments. Many sustainability efforts center around reducing utility consumption. This means lower utility bills for residents and management. Therefore, multifamily data research shows that this is another important factor of sustainability for multifamily communities.
Ideas for making your community more eco-friendly
Naturally, new construction has many opportunities for green building. For example, getting LEED certified means using sustainable building materials and practices. However, even existing communities can help make their buildings more environmentally-friendly. Multifamily data research shows that there are some cost-effective ways to start improving sustainability.
First, look at appliances like water heaters, stoves, and dishwashers. Energy-efficient appliances have come down in price a lot over the years. Also, the utility savings helps the pay for themselves in a short amount of time. In addition, your residents will appreciate this easy-to-see commitment to sustainability.
LED light bulbs use less energy and last a lot longer compared to incandescent and fluorescent. Switching to LED lights in common areas is a simple, effective way to start reducing energy consumption. Use LEDs in lobbies and hallways to help lower energy costs and become more sustainable.
Changing out older toilets and water fixtures can also help your apartment community’s sustainability efforts.Toilets made before 2000 use almost double the water. Upgrading to modern toilets can help reduce water consumption. Installing water saving fixtures can also help keep water consumption low for your community.
Looking for a unique way to showcase your sustainability efforts? Salt water pools are more eco-friendly compared to freshwater pools. This is because they need less chemicals. Also, don’t forget the more obvious efforts like solar panels and recycling centers. They are still important to renters, according to multifamily data research.
Multifamily data research from MRI ApartmentData
At MRI ApartmentData, we provide up-to-date, cutting-edge multifamily data research for apartment communities, leasing agents, and investors. We are the experts in property management data. Our solutions are fully customizable to help you get the information you need to stay competitive in the market.
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