While the recent influx in renters is certainly a positive thing for the multifamily property industry, new residents can quickly become costly if they are using utilities irresponsibly or avoid reporting maintenance issues. Utility submetering is one energy efficient practice that helps property owners to lower operating costs, and encourages residents to conserve as a way to save money on their utility bills. Since residents become financially responsible for their energy usage through utility submetering, they are more inclined to conserve energy and are often quicker to report any maintenance issues that arise. Tax incentives and rebates for submetering can also help to lessen installation costs for property owners.

When residents are responsible for paying their own utility costs, they will undoubtedly seek multifamily properties that offer energy efficient appliances. Finance-commerce.com explains that aside from utility submetering, property owners are also installing energy efficient HVAC and plumbing systems, doors, windows, insulation, and Energy Star rated appliances to appeal to residents. Many developers have even found success in converting and renting out unsold condo units that are equipped with energy efficient appliances. These rentals appeal to young families that looking are looking to live in a space that feels more like a home, without making the jump to actually purchase one.

Energy Star and LEED certifications are two additional ways for multifamily properties to stand apart from their competition and advertise their commitment to energy efficiency. Both of these certifications require energy benchmarking and auditing procedures along with specific categories that multifamily properties must adhere to in order to gain certification.

To learn more about how utility submetering can benefit your property and to schedule a free property audit, feel free to contact us toll-free at1-800-256-9826.

The New York State Energy Research and Development Authority (NYSERDA) has created a statewide Energy Smart Multifamily Performance Program that provides financial support to property owners looking implement energy efficient upgrades in new construction and existing multifamily buildings. They have also created the Electric Reduction in Master Metered Buildings Program, which is specifically geared towards utility submetering. Owners of master metered properties with five or more units can visit the NYSERDA website to fill out an application for the program. If approved, this program can save multifamily owners up to 50% off the cost of a submetering system.

The California Multifamily Energy Efficiency Rebate Program (MEERP) is another statewide program that has been a successful in offering energy efficient rebates. The collaboration between the state’s four major utility companies allow property owners of multifamily properties to receive rebates on energy efficient upgrades ranging from lighting and insulation to window and HVAC improvements.

The Maine State Housing Authority’s takes a different approach to providing energy funding through their Multifamily Home Energy Loan Program. This program offers low interest loans for multifamily housing improvements interested in taking on energy efficient projects. The program requires borrowers to have an energy audit and then prepare a plan to address deficiencies.

For a full list of opportunities available in your state, visit the Database of State Incentives for Renewables & Efficiency (DSIRE) website, or type your property information into the DSIRE search tool on our sidebar.

Multi-Housing News recently surveyed residents across the country on what they would like to see improved in their rental experiences, and increased online services were requested across the board. Residents want to have the option to pay their rent, utility bills, and access service requests online. They would also rather receive property updates via email or through a property’s website portal. Offering conservation techniques online is a key way to ensure that residents can have their questions answered quickly, at any time of the day or night.

Aside from the convenience factor, online marketing and education tools are a greener than paper pamphlets or fliers. An email newsletter that changes seasonally via popular providers such as Constant Contact, IContact, or MailChimp.com can include conservation tips alongside other property news and events. Social media accounts another paperless way to communicate with residents about conservation, as long as they are frequently updated.

There are also a variety of outside websites that properties can direct their residents to for conservation education. Properties that submeter with WaterWatch Corporation can direct their residents to mywaterwatchbill.com, which offers water, gas, and electric conservation techniques along with a resident payment portal. The U.S. Department of Energy offers a wide range of conservation tips on their Energy Savers website. CSG Network also offers a helpful water usage calculator and electrical energy cost calculator for residents looking to estimate their monthly consumption.

Holding question and answer sessions at the beginning of each month is another way to inform new residents about how to conserve energy in a submetered unit, and can also reach residents that do not prefer to be contacted online. Since strong customer service is one of the key factors contributing to resident retention, it’s important that property staff members are educated and up to date on both the education tools and conservation tips needed to answer resident questions and concerns.

Here are a few tips from our resident website mywaterwatchbill.com. To keep residents informed, share conservation tips on your property’s website, send out email reminders, or offer residents a conservation check list to keep in their apartment.

Click through for a full list of gas conservation tips!

Submetering is no longer a foreign term in the multifamily and commercial property industries. In fact, water submetering has become a required practice in certain cities and states. Georgia’s Water Stewardship Act requires all multi-family and commercial units to be submetered by July of 2012. Areas of California and Texas have also passed similar laws that will take full effect in the next few years.

The rise of submetering popularity has also led to a wide range of tax rebates and tax deductions aimed at this energy efficient practice. For example, the Energy Policy Act (EPACT) provides a $1.80 per square foot tax deduction for the design and construction of energy efficient buildings through December 31, 2013. A variety of energy efficiency rebates that can also apply to submeter installation are also found on the Database of State Incentives for Renewables and Efficiency website.

In addition to the tax benefits available, the vacancy rate for multifamily properties is predicted to decline from the current 5.8% in 2011 to 4.9% in early 2012, and will continue to decline further as the year progresses. Commerce Department statistics expect rents to spike approximately 7% in the next two years, compared to the normal 1% increase seen in recent years. These statistics, combined with the predication that an influx of millions of gen-x and gen-y renters will soon enter the rental market, makes 2012 the perfect time to upgrade your property’s energy efficiency and lower operating costs.

Is 2012 the year to submeter your multifamily or commercial property? Contact us at 1-800-256-9826 for more information on submeter installation, meter reading services, as well as billing and collection services.

Multi-Housing News describes the new influx of renters as “70 to 80 million gen-x, gen-y and echo boom kids that are coming into the workforce in the next two to 10 years.” The decline in home ownership is greatest among the under 30 demographic according to Freddie Mac Economic and Housing Research, meaning that the majority of this new renter population will be looking to rent.

Flexibility is one of the major factors attracting new generations to multifamily properties, since many young adults don’t want to be tied down to a specific location through home ownership at this point in their lives. This means that these renters will likely place priority on properties offering short terms leases of a year or less. Convenience is another key factor, making properties that are located within walking distance to public transportation and amenities very attractive to this generation of renters. WiFi lounges, business centers, covered parking, and workout facilities are a few perks that renters may have become accustomed to in student housing complexes and would also view as valuable “extras” for a first apartment.

Sustainability is another factor that younger generations consider when renting. While green living has become trendy in recent years, the monetary benefits that come from living in an energy efficient building are certainly not lost on this age group. Allowing residents control over their utilities through submetering, installing Energy Star efficient appliances, and creating green rooftop patios and gardens are all ways to appeal to the new generation of renters, setting your property apart from the rest.

A leaky toilet is one of the most common maintenance issues that can cause a resident’s water bill to spike. According to statistics from the Environmental Protection Agency, a leaky toilet can waste approximately 40,000 gallons of water in one month. As a reference point, the average two adult household uses approximately 3,000 – 4,000 gallons of water per month. Leaky toilets result in water bills that can easily cost residents hundreds of extra dollars per month if leaks are left untreated.

The best way to ensure that your residents avoid high water bills is to educate them on conservation techniques and encourage them to report maintenance issues as soon as they notice them. If a resident suspects that their toilet is leaking, a simple test of putting a few drops of food coloring in the toilet tank can solve the mystery. If the color begins to appear in the bowl without flushing, the resident’s toilet has a leak that should be repaired immediately. Sending residents frequent emails, newsletters, pamphlet checklists, or even magnets reminding them about common maintenance and conservation issues can help them to avoid this costly mistake.

Tending to a leaky toilet is just one of the ways residents can save themselves the shock of a high water bill. Educating your residents on water conservation can help to improve their rental experience as a whole. For a full list of water conservation tips, visit our resident website at mywaterwatchbill.com.

This comprehensive video by Howcast outlines easy steps that residents can take to reduce their electric usage and lower  utility bills. More tips on electric conservation can be found on the WaterWatch Corporation website www.mywaterwatchbill.com. Consider sharing this HowCast video, or one like it, with residents upon move in so that there will be no confusion when they receive their first utility bill.

 Be sure to check back for weekly as we continue to offer educational resources for conserving water and gas on the WaterWatch blog!