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The popularity of sustainable living makes it an effective strategy for landlords to improve their occupancy rates. According to reports, UK travellers are making an effort to be more eco-friendly with their trips. However, 47% doubt that the advertised sustainable accommodations are authentic.
This is a challenge for landlords and property owners in London. There’s a huge market of eco-conscious travellers, and doubting the sincerity of accommodations could lead to lower occupancy rates for rental properties.
In this article, you’ll get ideas to help you make sustainable property upgrades on your properties. These tips will improve the eco-appeal of your property so you can get more bookings and rental income.
How Sustainability Improves A Property’s Performance
Although the demand for sustainable properties continues to grow, does it really translate to higher occupancy rates and rental revenue?
Looking at the data provided by CBRE for green commercial buildings will show that sustainable properties can deliver higher rental income. According to their rental data, LEED-certified commercial buildings can demand 5.6% more rental rates compared to those that aren’t certified. It’s also revealed that BREEAM-rated office buildings consume 73% less water and 35% less energy compared to buildings that aren’t rated. These add to the net rental income that property owners can earn.
Is the same to be expected from residential rental properties? The answer is yes. A survey revealed that 66% of responders seek out eco-friendly properties. Among the features they look for are renewable energy sources and wall insulation. This proves that the demand is higher for sustainable properties.
Landlords and property owners should take advantage of this incredible opportunity in the rental market. Adding sustainable property upgrades can increase the performance and profitability of a property.
7 Sustainable Upgrades to Improve Rental Properties
If you want your property to stay competitive in London’s rental market, be ready to invest in upgrades that will increase its eco-friendly appeal. While this will cost you, it will be worth it because it will increase your occupancy rates. This will lead to higher rental yields and greater investment returns.
Here are 7 sustainable property upgrades that you can focus on.
Install smart home technology
Transforming your property into a smart home will make it more secure, convenient and comfortable. Installing smart thermostats, detectors and other systems will allow you to control the home environment remotely. You can give access to long-term tenants or your guests so they can adjust the conditions in the property to their comfort level.
These smart home devices can also protect and monitor the property’s structural integrity. Smart detectors for water, smoke and carbon dioxide leaks can notify the property owner so immediate action can be taken to prevent further damage. This will also ensure the well-being of the occupants.
Use more energy-efficient appliances
Another upgrade that you can do is to add more energy-efficient appliances to the rental property. Start with LED lights. These consume less energy and have low maintenance costs. You can also choose energy-efficient refrigerators, washing machines, dishwashers, etc. It’s best to look for appliances with an energy label like Energy Star certificates. These labels prove that the appliances have passed the strict guidelines imposed by the local government.
This won’t just make your property appealing to eco-conscious guests, it will also help you save energy costs and lower your utility bills. This will also make your property more compliant with environmental protection regulations.
Choose low-VOC paint
Repainting a property is one of the easiest and fastest ways to upgrade. You can also make it more sustainable if you avoid traditional paints that emit VOC or volatile organic compounds. Be specific when looking for the paint you’ll use to give your rental property a new look. Opt for the low or zero VOC paint. These have lower toxic emissions and can improve the quality of indoor air. It creates a healthier environment for guests and residents.
Opt for natural lighting
Maximise the natural lighting in your rental property by using energy-efficient windows. You can install skylights so guests and residents can use natural lights instead of artificial ones. If the property has a balcony or terrace, you can use glass sliding doors so more lights come in during the day. This will minimise the need to turn on artificial lights and reduce the property’s energy consumption. Not to mention that natural lights make the property feel more alive and inviting at the same time.
Set up water conservation systems
Install water-efficient fixtures that can help you conserve the water consumption on the property. Use low-flow showerheads, dual-flush toilets and aerator faucets. These will minimise the flow of water. You can also install rainwater harvesting systems to collect it for the property’s use. This won’t just help with water conservation. It can also lower your utility bills.
Insulate the property
Check the insulation of the property. Make sure the windows and doors are airtight to avoid leaks. If you need to replace them, choose double or triple-glazed panels because these are better at insulating internal temperatures. With proper insulation, you can minimise heat loss during the winter and keep the property cool and comfortable during the summer season. This will improve both energy efficiency and guest comfort.
Add green plants
Putting more green plants will add life to the ambience inside your rental property. Put them beside the window and along hallways. Try to have green plants in every room. Plans improve the air quality indoors and have a positive effect on the mental well-being of a person. You can choose low-maintenance plants so they can be left alone and won’t wither despite minimal care.
Work with an Eco-Conscious Property Management Company
Implementing sustainable upgrades brings several benefits to rental properties. The primary benefit is the positive effect on the environment. But beyond that, your property will benefit from higher occupancy rates as eco-friendly properties are more appealing to eco-conscious guests and residents. This will lead to higher rental income since people are willing to pay more for sustainable units. You can also benefit from the lower utility bills since eco-friendly practices include energy and water conservation efforts.
At City Relay, we specialise in providing eco-friendly property management solutions that can be customised to meet your unique portfolio goals. If you want to get expert advice on sustainable upgrades, contact us. We can sit with you to talk about the improvements that can make your property more eco-friendly.
