Energy costs important for multifamily properties

Energy consumption costs for multifamily properties increased markedly in recent years, and new legislation for improving efficiency may help inform property managers of the situation, as well as cut down on energy output in the long run.

The past 10 years saw energy costs jump 20 percent, according to a report from IMT. This may be decreased through multiple pieces of legislation that could cut $9 billion from these budgets. This would have a similar effect to the environment as closing as many as 20 power plants fueled by coal. It also would help property managers get a better idea of how much energy their buildings produce, as well as what they can do to cut down these levels.

“How a building is built and operated has a big impact on tenants’ utility bills,” said Cliff Majersik, executive director of IMT. “By measuring energy performance and setting improvement goals, owners and operators of multifamily buildings can save energy and money for everyone.”

Some consumers may prioritize living in an apartment that is more energy-efficient, and this could increase the level of rental applications submitted to property managers.