Sustainability. It’s a word that gets thrown around a lot. Defined as “the ability to be maintained at a certain rate or level,” many around the world are asking what it takes for multifamily communities to grow sustainably.
As costs of living rise, can we maintain efforts to conserve energy? What about work-life balance for property managers? It is clear that taking smart steps towards a long-term, sustainable multifamily community starts with the right investments. That’s where ESG comes in.
What is ESG investing?
Also known in the real estate industry as an RPI or responsible property investment; environmental, social, and governance investments are “made with consideration of the environment and human wellbeing, as well as the economy.” ESG reports generate a score which is used as a measurement of sustainability within each of the three categories.
Why is this relevant? More investors are taking ESG scoring into account prior to investing. Many are specifically looking to fund projects that focus on sustainability. The higher your ESG score, the more sustainable, and opportunity-aware your community is viewed. For investors, this means higher opportunity and lower-risk investments.
Smart technology is a great route to take to incorporate ESG practices into any building and create an energy-efficient machine. Modern renters care about social responsibility, and Gen Z and Millenials are holding businesses accountable. Leveling up your property with smart technology impresses investors, appeals to residents, and sets your business up for sustainable success. What’s not to love?
Building management made smart
Did you know that buildings and construction together account for 36% of global energy use? Smart technology can reduce your operating cost and wasteful energy usage drastically.
New levels of connectivity allow for all smart devices to be linked and managed on one platform. For example, Homebase will provide notifications to maintenance if there is a leak in an amenity space or resident unit. Faster detection avoids costly repairs, wasted resources, and unsatisfied residents.
We get it, walking to one vacant unit, three floors up, is a time-consuming hassle. Eliminating mundane tasks is part of the PropTech appeal. It once took twenty minutes to turn off the lights and lower the AC, but now it only takes a second (and can be done remotely). When you add it all together, how much wasteful energy usage will this prevent for your community?
In the modern age, it’s never been easier to adopt energy-efficient operating habits. While these habits are beneficial for our planet, they also help your staff work more efficiently, reducing operating costs, and guarantee a sustainable long-term investment.
The possibilities with our technology solutions are endless. Our experts help you get the most benefit and profit from smart technology. Schedule a 15-minute demo to learn more.
Homebase brings the smart apartment experience to new build and retrofit multifamily with trusted technology that delivers intuitive building access control with smart locks, automation of property management, new revenue with property-wide WiFi, and IoT technology amenities residents enjoy. All completely installed and managed for the multifamily innovation leaders of this decade.