As people are getting more environmentally conscious, more rental property owners are deciding to green-certify their property. You might be wondering whether this is a good decision for your property too.
The truth is there are many benefits of doing this. Here are some of the biggest ones to consider when making your decision and weighing your pros and cons:
You Can Charge Higher Rent
Many people these days, especially the younger millennial crowd, are willing to pay more for rent if they are able to find green properties. But if you didn’t want to invest in the green certification, it is possible to add amenities that are environmentally friendly that people will love. However, you’re still more likely to maintain higher rents with a full certification.
Lower Operations Costs
You might shell out more for certification, but studies show owners with green buildings save a lot of money over time due to their energy-conserving nature. That means lower property costs along with higher income with the premium rent costs.
Due to the stricter requirements around lighting, ventilation, and weatherization, green buildings tend to be a lot more comfortable than traditional rental properties, which means tenants will likely stay longer and enjoy where they live. This is great news for property owners, as you don’t have to worry about as much turnover.
Certified buildings have more third-party inspections, which means it’s more likely everything will stay up-to-code and you’ll avoid the ongoing maintenance issues faced by management of normal buildings.
You’re more likely to experience lowered insurance premiums and easier financing with green certification, which can greatly reduce/offset the costs of maintenance and construction.
There are many great perks to getting your building green certified, from a better renter experience to significant savings while managing your property. If you’re still not sure, your property manager may be able to help you better weight the pros and cons and make a decision based on what’s best for your property and your situation.