Millennials will soon become the largest generation in America, according to Pew Research Center. Multifamily properties may struggle to stay competitive if they ignore the trends and needs of this enormous renter segment. The good news is that there are a variety of cost-effective energy upgrades that provide an easy way to attract and retain this generation of renters.
Prioritizing energy upgrades and promoting properties as sustainable is a great way for property owners to keep up with their competition. Millennials place enormous value on sustainable and eco-friendly products when making purchasing decisions, more so than previous generations. In fact, according to a 2015 Nielsen study, three-out-of-four millennials are willing to pay more for sustainable products and services. By replacing old appliances with new ENERGY STAR® clothes washers and refrigerators, multifamily property owners can keep energy costs low and appeal to millennial renters’ high regard for energy efficiency. Plus, property owners can receive Energy Trust of Oregon cash incentives for qualifying models.
Technologically savvy millennials are more likely to own smart phones than previous generations. Smart thermostats appeal to this demographic by allowing users to adjust the temperature and program settings using an app. This enables them to make adjustments from anywhere and personalize settings according to their daily schedules and weather forecasts. By installing smart thermostats, property owners are investing in amenities that millennials increasingly expect. Taking steps like this not only helps multifamily properties stay competitive, it also helps them collect cash incentives for qualifying models.
Other easy, energy-saving amenities that can help your property stand out include in-unit LED bulbs, faucet aerators and efficient showerheads that Energy Trust will provide and install at no-cost. Energy Trust also offers cash incentives for common area lighting upgrades and water heating equipment. These energy upgrades can help property owners attract new tenants by demonstrating a commitment to saving energy and reducing utility costs.
If you are looking for a place to start, Energy Trust offers a free walkthrough survey to help you identify energy-efficient opportunities to reduce energy and operating costs and elevate the appeal of your property. You’ll receive a detailed report identifying potential energy savings and projected annual and five-year cumulative cost savings estimates.
With these energy upgrades and tech-savvy additions, multifamily properties can stay on trend and attract a substantial segment of renters.
Contact an Energy Trust advisor to learn more about multifamily equipment upgrades, walkthrough surveys, custom projects and available cash incentives for owners and property managers at 1.877.510.2130 or email multifamily@energytrust.org.