There’s no denying that the wave of eco-conscious tenants will continue to grow. Those armed with the knowledge and the desire to live as eco-friendly as possible make up a proportion of the population choosing to rent and, as such, will look at the rental market to find a home that is most suited to this lifestyle.
While not all properties can specifically cater to the needs of tenants, there are plenty of adjustments and improvements one can make to a property to not only benefit it long term but also help the environment, as well as the health and longevity of tenants.
Taking steps to make your property a little eco-friendlier will benefit both you and future tenants.
Reducing energy consumption
Perhaps the most beneficial outcome for tenants is the ability to reduce the amount of energy they consume within a property. High water and energy consumption lead to high bills, something that most within the population can agree is an ongoing challenge within the household budget. By choosing energy-efficient appliances and LED lighting to replace traditional incandescent lights, not only will tenants experience a lower energy bill, but landlords may also experience longevity in selected appliances.
Reducing water consumption
Australians are well-versed in the importance of water saving, and there are some changes you may be able to implement to help reduce your property’s water consumption. Installing low-flow and water-saving devices on faucets and showerheads can make a significant difference in the amount of water used daily. Extending to landscaping, choosing drought-friendly vegetation and gardens that are native to the area in which your property is located can significantly reduce the amount of water needed to maintain the yard or garden. Not only will water usage remain low, but there is the added appeal of a low-maintenance garden. If space and budget allow, you may consider the installation of a rainwater tank, if only for the maintenance of outdoor spaces.
Renewable energy
The popularity of solar power has grown significantly over the past decades, and the technology to ensure properties receive the direct benefit has indeed come along in strides. The potential to generate renewable energy, thus reducing the household’s cost of electricity, is one that many have adopted. If you are considering installing solar in your investment property, ensure you do your due diligence and use reputable companies to ensure you use the most appropriate setup for your property.
Eco-materials
There are a variety of eco and sustainable building materials and products on the market, and if you have plans for renovating your investment, you may wish to consider such options. Older properties may benefit from improved insulation, which will have an immediate effect on the property’s energy consumption for both heating and cooling.
From small changes made between tenants and throughout maintenance requests to larger investments in the longevity of your investment, a shift towards sustainability benefits both you, the property owner, and your tenants.