With Earth Day around the corner (Friday to be exact), take this opportunity to consider some eco-friendly upgrades you can do to your rental property. By making these adjustments, you’ll not only attract applicants who are a little greener, but you’ll reap the benefits of reduced costs in the long run.
Eco-Friendly Improvements make Tenants Happy
One of the biggest ways to make your current tenants happy and attract applicants is to implement upgrades and maintenance aimed at reducing their utility bill. While this might not seem like a priority, if you pay a portion of the utilities (like water), going green can make a huge difference for your monthly expenses.
- Energy-Efficient Appliances
While this is by no means an easy purchase, it’s still a significant way to reduce environmental waste and help your tenants save on their utility bill. Also, pretty much every applicant is attracted to new, energy-efficient appliances. So you should be considering upgrading within the next 5 to 10 years to stay on top of the competition.
- Change the Showerhead
You know from experience how much a small leak affects your water bill, so think about how your rental’s old showerhead might be affecting your tenant’s bill! Changing your showerhead to a newer one with a government sponsored program like WaterSense can help you save the environment, and your tenant’s money.
- Notify Tenants of Nearby Recycling Centers
Make sure your tenants know where their local recycling centers are. If your rental is in the NYC area, you can even point your residents to this handy recycling app, which maps out local public recycling plants. You know how much an old couch or mattress on the curb affects your curb appeal, so make sure to notify your tenants of the proper way to throw out these bulky items as well.
Going Green can Help you Save
While helping your tenants save money by going green is a great way to attract new applicants and maintain a good relationship with your current tenants, ultimately the question is, how can you save? Even if you’re not paying for a portion of your tenant’s utilities, by changing the showerhead and replacing the insulation, you’re investing in your property, reducing your need to perform extensive maintenance in the future.
- Use Local Plants in your Landscaping
Spring is the perfect time to work on your rental’s landscaping to attract new tenants. Instead of running to your nearby Home Depot or Lowes, find a local nursery. They’ll know which plants will use less water, last all year, and adapt well to your rental’s environment, saving you money in the long run.
- Go Paperless
One of the best ways to go green is to create a paperless policy. Rather than communicating with your tenants through physical mail, talk to them about what online or mobile options work best for them. You can even take it a step further and utilize ApplyConnect’s® free online rental application when considering applicants.
- Tax Deductions
I’m sure you utilized all the tax deductions you could this past tax season, but did you know you can get deductions for going green? Depending on your state and county, you could be reaping the benefits of some serious incentives by choosing clean energy. According to Understand Solar, in the state of Texas, metro areas like Austin, Dallas, and San Antonio have incentives for investing in solar panels (on top of federal tax credits). In addition to tax deductions, equipping your property with clean energy tools like solar panels can save you tons on your electricity bill. The most significant immediate savings in California are an average of $148/mo before loan/lease payment. It’s a win-win.
It can be easy to sit back and ignore the environment when you already have so much on your plate. Use this Earth Day to consider current and future improvements you can do to your property, gaining applicant’s interest and cutting down costs. It’s a win-win situation, so why not?
Have you already made any environmentally-friendly improvements to your rental? Are there any you’d like to make? Let us know in the comments below and be sure to subscribe!