If you own or manage a rental property, it can be difficult to find high quality renters who will pay on time and respect your property. On top of that, there is a large pool of other properties that you’re competing with. So, how do you make your property stand out from the crowd? The best way to attract renters is by updating your property with energy efficient technological upgrades.
Many of today’s renters are interested in properties that place a focus on being green. In fact, according to SmartMove, millennials, who make up a large portion of today’s renters, “are interested in homes that take sustainability and energy efficiency into account.” In order to find the best renters for your rental property, make these energy efficient tech upgrades.
If your HVAC unit is more than 10 years old, it probably isn’t operating efficiently according to today’s standards. Today’s technology is not only focused on energy efficiency, but it also can save you 10-20% on your energy bills. Sometimes technology upgrades can seem expensive and not worth it, but when it comes to upgrading your HVAC unit, not only will you be helping the environment, you will also be saving money on your energy bill each month. It’s a big investment, but it’s also an investment that renters notice and appreciate.
While replacing your air filters isn’t exactly a technological upgrade, it is a necessary step in keeping your HVAC running efficiently. While it may not seem like replacing your property’s air filters is making any difference, it is actually helping to prevent HVAC repairs and maintenance down the road. The recommendation is to change your air filters every 90 days. However, if your tenants have pets, try to change them every 60 days instead.
Light bulbs are a much smaller tech upgrade that can still have a big impact. Choosing energy efficient light bulbs such as compact fluorescents and LEDs over traditional incandescent bulbs is an easy way to make your property more green. 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. So, while they may cost a little bit more up front, the long term benefits are undeniable.
When renters are looking at your property, typically they focus heavily on the kitchen. Because of that, it’s worthwhile to invest in the most up-to-date technology when upgrading your kitchen appliances. Not only are renters interested in how energy efficient new appliances are, they also tend to appreciate the sleek look that new appliances have. In order to have the biggest impact on your energy bills, look for appliances that are Energy Star approved. These appliances meet certain energy efficiency requirements without sacrificing functionality.
While your tenants can always program an average thermostat to be at specific temperatures at certain times of the day, a smart thermostat learns your tenants’ behaviors and adjusts the settings accordingly. Smart thermostats also allow your tenants to adjust the temperature remotely from their phones. This is a major feature of a property that is attractive to today’s renters. Renters want the ability to easily manage all aspects of their lives from their mobile device. Adding a smart thermostat will not only make life easier for renters, but it will also help them to use their HVAC unit in a more energy efficient way, which can save you up to 10% on your energy bill per year.
Today’s renters are more focused than ever on energy efficiency. They want all aspects of their lives to be green, including their apartments. By making one or many of the tech upgrades above, you can attract more renters and find the right tenants for your property. Additionally, you will save hundreds of dollars by cutting down your energy bills. There truly is no downside to updating your property with energy efficient tech upgrades.