The widespread growth of environmental awareness has been an ever-increasing movement. Consumers demanding ‘green’ solutions has pushed companies to improve their CSR. However, does this apply to the property market as a landlord or property manager? Is it something you should think about? If so, when?
The rise of environmental awareness
UK consumers are one of the world’s leaders in prioritising CSR in their spending behaviour. Consumers are seeing the bigger picture, rather than brand loyalty and prices. The 2019 UK CX Trends study found that 42 percent of consumers say that brands’ support of environmental, social or political causes is becoming more or much more important to their purchasing decisions. The emergence of technology has encouraged companies to user greener alternatives and move away from unsustainable practise. This is a worldwide movement, with “91% of global consumers expect companies to do more than make a profit, but also operate responsibly to address social and environmental issues;
But how exactly has this changed the property lets?
Sustainable energy changes you can make today
Prospective tenants [especially millennials] are considering how their eco-friendly personalities can translate to the properties they will live in. However subtle the property changes are, they can have positive affects on tenants and their contribution to reducing waste.
- Low flow shower heads are a great start for landlords. Traditional shower heads see 5250 gallons of water pass through per year. A low flow shower head nearly halves this amount, reducing water consumption to just 3150 gallons of water. Additionally, these are incredibly affordable in comparison of the long-term water savings.
- Installation of a smart meter to reduce energy waste. Smart meters allow complete control over energy consumption on your devices. As traditional homes are transforming to smart homes leading into 2020; smart meters can monitor temperature and produce heating only when necessary, saving both the planet and the money being drained from the bill payers accounts. A true definition of a win-win.
- Energy efficient light bulbs are another way to reduce your properties carbon footprint. Understand how you can implement an affordable method to make your property eco-friendly here: https://www.ovoenergy.com/guides/energy-guides/energy-saving-light-bulbs.html
Influence on Property Architecture
Besides from small household changes, there are also structural changes in the property market that landlords are adopting / looking towards. If you are a landlord who is concerned not only with the bottom line of profit, but about the impact you can make on the environment, then these tips could be a great place to start:
- Continuing the theme of energy minimisation, insulation is an optimal method to do so. Although a structural is a higher cost modification, it brings significant long-term benefits to a property. Insulation for houses typically cost between £400-£800 but can save up to £250 on bills per year. Of course, these figures will change according to property size and energy consumption but still a relevant idea for landlords.
- Consumer’s transport choices has had direct effects on the their ideal let. Landlord’s properties need to adapt to the changing world i.e. consider the emergence of electric cars in relationship with their properties. Is there smart charging access points? Although this may not be an immediate change required, it’s definitely food for thought in the long term.
- Additionally, can your property support alternative transport storage by offering secure bike/scooter storage? By adopting an eco-friendly approach, it can be a factor that makes your property stand out on the lettings market.