According to Multifamily Northwest’s Spring 2019 Apartment Report, the Northwest’s multifamily rental market is softening even as supply continues to peak. Throughout the Portland metro area, and in Salem, Eugene and Bend, these trends indicate that the market will continue to soften into the foreseeable future. This news, combined with the start of summer turnover season, makes it the optimal time to make your property more competitive. Energy upgrades are a useful and cost-effective place to start.
An easy approach to attracting new tenants is to freshen up rental units while performing regular summer maintenance. Without an undue commitment of time or resources, you can give prospective renters what they’re looking for: clean, up-to-date and cost-efficient properties to call home. Here are just a few upgrades you can complete this summer that come with Energy Trust of Oregon cash incentives to offset upfront costs:
- Update outdoor lighting. Illuminate pathways, parking lots and common areas with energy-efficient lighting.
- Install smart thermostats in units. Invest in smart-home technology that tenants increasingly expect.
- Service air conditioners. Install energy-efficient ductless heat pumps and receive up to $800 for each qualifying unit.
- Replace windows while it’s still nice out. Increase curb appeal and improve indoor air quality by installing energy-efficient windows.