Industry leaders have identified three trends sending energy efficiency to the top of the priority list for owners and managers who want to keep their properties competitive in the marketplace.
1) California demands it
Zero Net Energy (ZNE) is a new buzz word you will be hearing more about now that the state has set a goal for all new residential buildings to be ZNE by 2020. To stay on par with newly constructed multifamily properties, existing property owners will increasingly look to retrofit and upgrade options.
2) Investors get it
Improved apartments must compete for the same potential renters as new-construction properties. TIAA-CREF, one of the largest institutional real estate investors in the nation, implemented a set of energy management initiatives across their portfolio of multifamily properties in 2008. “The green building movement was gaining momentum and we wanted to position our portfolio ahead of the curve”, said Scott Anderson, director of asset management. Anderson understands the need to offer the same efficiency and green amenities to compete with new construction developments. Adding energy efficient products, energy efficient equipment and certification of properties will give these properties a competitive edge in the marketplace.
3) Renters want it
According to the National Association of Home Builders, Millennials want to live in a green building. With sustainability, energy efficiency, and environmental awareness among this generation’s core values, Millennials will have a significant impact on the demand for energy efficiency and green apartments — especially in the local market. They are moving to San Diego more than any other city in California. In fact, San Diego ranks third among the top ten U.S. markets for Millennials.
Forward-thinking property owners and managers are already reaping the rewards of energy efficiency with lower operational costs, higher resident satisfaction and increased property values. To learn how the Energy Upgrade California Multifamily program can benefit both you and your residents, contact Nicole Beaulieu at 916-844-0084 or via email at email@example.com