Energy Efficiency Renovations to Consider for Your Multifamily Property

Photo: Best Buy

Photo: Best Buy

Now that we are in the middle of the summer, there is one thing that is on a lot of our minds… the summer heat! Depending on where you live in the country the summer temperatures can take a toll -- not only on your tenants but on your budgets and HVAC systems. If you live somewhere with a warmer climate all year, this may not be just a seasonal issue either. No matter where you live though, the heat is top of mind for many property owners so today we’re going to share some tips for renovations you can implement that will end up saving energy and ultimately money.

Making Sure Your Property has Proper Sealing and Insulation

If your property isn’t insulated or sealed properly you’re throwing money right out the window! One of the best ways to save energy expenses is by making sure everything is sealed so that when tenants use their air conditioners the air doesn’t just escape. Something to consider is having your maintenance crew inspect your property and units prior to the summer to make sure doors, windows, siding and any attic spaces are insulated and free of gaps. You can fill any spaces with weather stripping, caulking or expanding foam sealants. This is an easy and generally inexpensive fix that will make a big difference.

Upgrade to Energy Efficient Appliances

A sure way to reduce energy expenses at your property is to upgrade in energy efficient appliances. This is a more costly investment upfront, but newer appliances can save you upwards of 15% on your cooling bills -- giving you a big ROI over the long-term. Another option to consider are smart and programmable thermostats. This will allow your tenants to have more control over when their units will be cooled instead of leaving it on while they are not home.

Use LED Lighting

This isn’t necessarily just an issue in the summer, but switching your lighting to LED lighting can also make a dramatic difference on your electricity bill. In fact, did you know LEDs use 84% less energy per bulb than traditional incandescent bulbs? Not only that but they also last up to 25 times longer that traditional light bulbs which can help relieve pressure on your HVAC systems. Doing so is another upfront investment, but one that will help decrease maintenance requests as well.

As you can see, there are several upgrades you can make to your property that will not only keep tenants happy but will also reduce your costs. Always a great combination if you ask us! Interested in including any of these options into renovations for your multifamily property? Contact us today and we can help you create a plan.

2017 Multifamily Property Trends

As we come to the end of 2016, it’s time to say goodbye to some outdated trends and hello to some exciting new advancements in the multifamily property industry. It’s also a great time to take a look at your property to see where you can make improvements, analyze your renovations budget, and decide where you’d like to invest your efforts. Part of this is looking to the future to see if there are new trends you should consider implementing in your property. So let’s talk about some trends to consider for the New Year!

Color Trends

While you may not want to change your paint colors every year, a fresh coat of paint when needed is one of the easiest ways to keep your property updated. Keeping the color scheme in a more neutral palette is always a great idea to create an inviting atmosphere that future residents can imagine themselves in. However, consider adding a bolder accent wall to provide some dimension to the room as well.

Modern Gem Design Blog :: 2017 Multifamily Property Trends

If you’re in the market for a fresh coat of paint, we’d suggest looking at Sherwin Williams’ 2017 Color of the Year, Poised Taupe. The neutral color offers a cozy, welcoming environment that both your current and future residents will love. In addition to this warm neutral, Sherwin Williams also sees a number of other color combinations to be used along with a taupe palette. Check out their color combination predictions and let us know which is your favorite. (Ours is the Yellow POP combo!) 

Green Property

Another improvement you may want to consider for your property is going green. A new report by Freddie Mac found that more renters were concerned with rising utility costs than rising rents. According to the report, 88% of participants agreed that multifamily properties with energy- and water-saving features would help reduce their utility bills, with 84% saying green properties are generally better places to live. Nearly half of those said they would actually be willing to pay more for an environmentally friendly rental. 

Considering these findings, it may be a perfect time to start implementing more environmentally friendly options into your property in 2017 if you haven’t already. Not only will it provide energy-savings for your residents but also for you as a property owner. You will also be giving your property a competitive advantage over other multifamily properties in your area that have not yet implemented green technology allowing you to charge a premium.

Amenities

Bike rooms are quickly becoming a must-have amenity for multifamily properties. As U.S. cities become more bike friendly and people become more health-conscious and environmentally friendly, properties are starting to carve out space to create bike rooms to fit their residents interests and needs. This allows residents a safe place to store their bikes so they don’t have to get creative with their storage solutions in their own homes. If you want to step it up a notch, you may want to outfit the room with security cameras, secure access, tire pumps, and equipment lockers.

Modern Gem Design Blog :: 2017 Multifamily Property Trends

Bike rooms may not be the only amenity you’d like to integrate into your property but it is definitely something to consider for 2017 and beyond!

While you may not implement all of these trends in 2017, they are important to consider for your future renovations. These will help increase your occupancy and your bottom line, which is exactly what we want!

If you’re interesting in discussing how to implement any of these or other trends, contact us today!