Pub. 6 2021 Issue 3

15 ISSUE 3, 2021 2. Implement a Community Recycling Program Recycling is not a new trend, but you’d be surprised by how many buildings don’t have a program in place for their residents. Based on the NMHC / Kingsley Associates Report, 79% of renters are interested in having a recycling program. By allocating a communal space for residents to recycle, it increases their satisfaction in knowing that they live in a building that aligns with their personal values. In addition to a regular recycling area, you could also offer residents a place to recycle harder-to-dispose items, like light bulbs, batteries and electronics. Based on the report, 57% of renters are interested in this. Plus, it doesn’t have to cost you a thing, as many nonprofit organizations come and pick up these materials free of charge. If your building already offers a recycling program, be sure you’re communicating this to your residents effectively by posting plenty of signs around the community and including information about it in your online resources. 3. Adopt a Utility Management Service Without a utility management system in place, it can be difficult to detect spikes or leaks, which can cost your business and the environment. Using a property management software with built-in utility management can help you identify issues quickly, reduce usage, increase efficiency. In addition, utility analytics can help you benchmark your building against other buildings in your area, so you can find opportunities to save. According to a study by the U.S. Environmental Protection Agency, on average, buildings that consistently benchmarked their energy performance saved 2.4% annually, with a total savings of 7%. 4. Embrace Smart Home Technology Renters today prefer to do everything from their mobile phones, so it’s only natural that they would also want to interact with their apartments the same way. In fact, about 45% of respondents to the National Apartment Association’s survey stated that they are open to requesting energy-efficient improvements at the properties where they live. And a whopping 77% of renters are interested in smart thermostats, based on results from the NHMC / Kingsley Associates survey. By incorporating more smart home Need to add phone number and web address in the same color as the tag line. 860-860-838-5322 www.reficiocompany.com 860-838-5322 www.reficiocompany.com Need to add phone number and we b address in the same color as the tag line. 860-860-838-5322 www.reficiocompany.com Need to add phone number and web address in the same color as the tag line. 860-860-838-5322 www.reficiocompany.com 860-838-5322 www.reficiocompany.com Need to add phone number and web address in the same color as the tag line. 860-860-838-5322 www.reficiocompany.com features — like smart thermostats and voice automated light switches — into your units, you’ll be better able to meet your current and future residents’ needs. 5. Invest in Renewable Energy The NMHC / Kingsley Associates report revealed that 63% of renters are interested in buildings that invest in renewable energy. While renewable energy may seem like a big initial investment to make, it can pay off in the long run. For instance, installing solar panels can bring your common area utility costs down, increase your building’s value, and make it more attractive to investors. In addition, many states offer tax incentives for residential buildings that implement renewable energy technology, which can further boost your bottom line. Other renewable energy technologies you can add to your building include electric vehicle charging stations and rooftop wind turbines. By making the most of these green initiatives, you can reduce costs, increase the attractiveness of your building to future renters and investors, and have a positive impact on the planet for years to come. Appfolio Property Management appfolio.com/.