Photo by Shutterstock

West Hollywood, CA—Sustainability has long been a key issue among property owners, especially in the multifamily industry. Now this attitude is filtering down to younger renters, who are more apt to select a place to live based on its sustainability.

"Overall, 2020 is poised to deliver a continued shift toward sustainability in the apartment industry. New trends have emerged and proven strategies such as energy-efficient appliances and green features will continue to expand this year," says Max Sharkansky, managing partner of Trion Properties.

Concierge Trash Butler and Recycling Services

This amenity combines convenience-based service, a high demand among younger generations, with an eco-friendly opportunity to go green.

"Today's residents want to do their part for the environment, but lugging bags of recyclables to the local recycling center can be a time-consuming hassle. By incorporating concierge trash and recycling services at an apartment community, residents enjoy pick-up from their doorsteps and feel they are contributing to an environmentally-conscious life," explains Sharkansky.

Services like these also signal to prospective residents that an apartment community cares about the environment and is focused on ongoing sustainability.

Electric Car Charging Stations

Electric cars are steadily on the rise. New registrations for electric vehicles, for example, doubled in the U.S. from 2018 to 2019, according to a recent study by IHS Markit. More than 35,000 new electric cars are expected to be sold in 2020, and by 2025, that number is expected to rise to more than 1.1 million vehicles. This influx of electric cars is increasing demand for car charging stations within apartment communities. Sharkansky believes this trend will continue in 2020 and likely rise over the next several years.

"As more and more individuals opt for electric vehicles, both prospective and existing renters will favor apartment communities that incorporate these options as a standard amenity in their communities," Sharkansky further explains.

Expanded Smart Home Features

Nest thermostats and LED lighting have already become relatively standard in many apartment homes across the U.S. In 2020, these sustainable features will become even more connected with smart tech features.

For example, smart lighting features allow lights to be controlled from a smart phone or other device such as Amazon's Alexa-enabled offerings. The industry will likely see a rise in more high-tech smart home amenities, such as lights that can detect when people enter or leave a room, then adjust the brightness of the lighting. Automating these systems through smart tech features can reduce energy costs while simultaneously appealing to younger generations who place an emphasis on sustainable features.

"Additionally, one of our properties, and soon to be more, uses Hello Carson – a 24/7 virtual doorman service. The app gives guests and delivery drivers access to the building which instantly notifies the resident, it allows direct communication between residents and the on-site manager, and offers the ability to submit maintenance requests, among other features," explains Sharkansky.

Energy Efficient Appliances

A focus on energy efficiency in appliances is not new, however it's one of the most crucial in creating and maintaining a sustainable apartment community and will remain so throughout 2020, Sharkansky tells GlobeSt.com.

Most new and refurbished multifamily properties in the current market feature energy-efficient washers and dryers, dishwashers, and low flow toilets, bathroom faucets and shower heads, among others. These features can significantly impact water and utility usage at a community. In fact, amenities like these are key factors in earning green certifications such as LEED and Green Point – distinctions that renters are seeking out more and more.

According to a report by RENTCafe, 69% of respondents were interested in living in an energy-efficient or green building and willing to pay more to do so.

"This is a key opportunity for multifamily managers and owners – renters are willing to pay a premium to live in sustainable, eco-friendly environments," says Sharkansky.

Sharkansky concludes by saying that "multifamily owners and managers who focus on sustainability are well-positioned to benefit from increased leasing activity based on meeting the demands of today's renters, while also commanding stronger rents and aiding in resident attraction and retention – all of which is key to delivering long-term value."