Slowly but surely, the world is awakening to the threat of climate change. This has had a trickle down effect on every industry, including the multifamily communities that populate so many cities around our nation. Thankfully, the multifamily industry has made great strides in the last few years. Cal Bay Property Management's Scott Safadi was recently recognized for his work to make one San Mateo, California community more sustainable through upgrades to the showers and toilets of the apartments there.
But sustainability isn't just great for the environment. It can also help motivate folks to consider your community over a less Earth-friendly option. In fact, sustainability is becoming one of the most sought after amenities for millennial renters. One survey showed that 84 percent of surveyed tenants considered living in a sustainable building "very important." That kind of data isn't something to be ignored.
In a world where every move your company makes sends a message to your tenants, it's more important than ever to be mindful of the ways we impact our planet. Competition for new renters may be stiff, with things like sustainability offering you the only way to get a leg up on other multifamily properties.
It's not just the environmental impact that tenants are eager for. The financial impact of sustainable living shouldn't be underestimated. Energy and water efficient features can have a real impact on a tenant's bottom line each month. Be sure to play up these benefits when marketing your sustainability to prospective tenants!
- Scott Safadi, Cal Bay Property Management
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