Multifamily housing is seeing momentum in investing in green initiatives, like water conservation, that brings value to the property owners as well as to the residents that live in them.
The real estate industry values sustainability as it becomes a more attractive aspect to the current housing culture. Living in an apartment is inherently a green lifestyle as you live in a shared space and reduce your carbon footprint. Having an eco-friendly apartment on top of that, further supports a green mission.
In order for it to be considered green design it needs to function more efficiently than a regular building, have a healthy environment indoors, and consume less water and energy. Around 20% of newly built multifamily units in America are certified with the US’s Green Building Council’s award for Leadership in Energy and Environmental Design (LEED). Getting LEED certification is a globally recognized award and rating system for green buildings.
Apartment residents are passionate about preserving the environment and are adamant in choosing an apartment that aligns with this mindset. The impact of cause-driven millennials has helped start a slow wave of environmental consciousness. Alternative energy and water saving solutions are becoming more readily accessible these days, and new technology has allowed the price of these initiatives to decrease over time.
Eventually becoming a green apartment building will be the standard, and those who are apprehensive in introducing new initiatives will fall behind. Not only does implementing eco-friendly fixtures and water saving solutions help the environment, but it also helps bring savings directly back to property owners.
Investing in a water conservation program for apartment buildings like our Retrofit Service or our Toilet Replacement Service can help give your property another attractive aspect to potential residents as well as bring more money to the bottom line.
One of many eConserve success stories, was the implementation of the eConserve Toilet Replacement Service to a multifamily property in Dallas, Texas with 536 units. Originally, the water and sewer bills averaged $43,632 per month and the average monthly water consumption was over 4.42 million gallons. eConserve was able to determine a potential for savings and 7 months after the Toilet Replacement Service the property saw significant improvements in water consumption. The average monthly water consumption dropped from 4.42 million gallons of water to 1.58 gallons of water, saving 2.84 gallons of water for the environment.
The average water/sewer expense dropped from $43,632 per month to $16,595 per month, a 62% financial savings. The eConserve water conservation service increased the property value by $1,600,000. You can download the full case study report here.
There are other ways multifamily properties can save water including educating residents on water-wasting habits and how they can do their part to live more sustainably. Prioritizing saving water and energy is a multi-step lifestyle shift. Investing in water saving solutions are not only great for the environment, but creates value for the property owner.
eConserve is a national water conservation company based in Houston, TX.