Many individuals, landlords included, are opting to "go green." By making a property more eco-friendly, a landlord reduces the environmental impact of that home, but in addition to this benefit, there are a variety of ways it can also save them money.
1. Utilities Savings
While some landlords leave it to their tenants to have all utilities turned on, many also offer certain utilities, such as water and gas, as part of the rental agreement. By installing water-saving technologies, such as low-flow shower heads and toilets, landlords can greatly reduce their water costs.
Similarly, investing in better insulation and new furnaces can reduce natural gas costs. These are only a few options, as there are numerous home energy audits a landlord can perform to reduce a property's environmental impact.
2. Tax Breaks
Although tenants are the ones who will inhabit a property, they're not the ones who will have to pay taxes on it. Because of this, it's important for landlords to try to reduce their tax burden in any way possible, and fortunately, it's easy to do this by simply going green. The Database of State Incentives for Renewables and Efficiency (DSIRE) offers a resource that lists federal, state, and local tax incentives for home upgrades that are more environmentally sustainable.
3. Reduced Supplies Costs
Even seemingly minor costs can quickly add up for landlords who maintain more than one property. Paper waste, for instance, can quickly add up over the years. Fortunately, a fair amount of this waste can be eliminated by simply using property management software that allows tenants to pay their rent online and landlords to perform background checks right over the internet.
4. Lower Repair Costs
Making a few eco-friendly changes around a property can also greatly reduce the repair costs that landlords see during a typical rental agreement. Installing efficient insulation, for instance, will provide a home with better temperature regulation. By doing this, HVAC systems will experience less strain from trying to maintain a comfortable temperature in a home. Reduced HVAC running time equates to less wear and tear, and in the end, this means longer periods of time between necessary repairs and replacements.
5. Savings on Waste Removal
It's also possible for landlords in certain areas to save money by reducing the amount of waste generated in their rental properties. Many cities and counties, for instance, actually charge for waste removal based on the weight or volume of what's removed from the property. This means that, by simply eliminating some of the garbage created by tenants, landlords who cover waste removal can save money.
Unfortunately, it's not easy, or sometimes even possible, to force tenants to reduce the amount of waste they produce. It is possible, however, to increase the likelihood that they'll do their fair share. By providing composting areas for tenants, for instance, it's possible to eliminate some of the waste generated in the average home by 25 percent. Additionally, providing recycle bins can reduce waste even further. In the end, these measures can result in substantial cost savings for landlords who pay for garbage collection by weight or volume.
There are countless environmental benefits of going green, but that's not where the benefits end. Whether a landlord is focused on saving money or saving the world, taking eco-friendly measures in their properties will help them succeed in their goal.
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