According to a recent New York Times article, green amenities are gaining momentum among renters who wish to be eco-friendly.
Specifically, in an April survey from Apartments.com, 60 percent of renters said they search for environmentally friendly apartments, with a quarter of them willing to pay more for green features.
While some landlords are finding it difficult to accommodate this new trend, the article explores the use of green amenities in apartment buildings by citing the successes of UDR, Inc. The company, which owns rental properties across the U.S., recently enacted a $16 million green program to address the environmental needs of its tenants. The program – which includes the installation of programmable thermostats and compact florescent light bulbs – will save $2.5 million for the company and $22 million for its tenants annually.
As the demand for more energy-efficient apartments continues to grow among renters, property owners must adapt to the needs of their tenants, specifically through rental preservation efforts. Specifically, when it comes to affordable rental housing, it generally costs twice as much to build an affordable home as to preserve one.
To learn more about rental preservation efforts, please visit and sign up for the “Rental Housing Preservation” Discussion Group on the HousingPolicy.org Discussion Forum.