Millennials, or those born after 1982, will account for one-third of the adult population by 2020 and 75 percent of the workforce by 2025. Millennials are socially conscious: they shop and buy products and services from entities that prioritize social causes that align with theirs, including the environment. They will be making decisions on where to live based on these principles. What can we in the apartment industry take from this? It’s time to invest in sustainable energy.
Rising energy costs make paying for electricity a pain. Powering leasing offices, clubhouse entertainment equipment, and other modern luxuries requires a significant investment. Thankfully, a one-time investment in solar panels and solar storage technology reduces electrical costs. If you pay for your tenant’s utilities, then this option makes even more sense!
Market your apartment as a sustainable living environment. According to an exit poll conducted by Ipsos in June 2015, 80 percent of millennials agree that America should transition to mostly clean or renewable energy by 2030. A study conducted by the National Association of Home Builders discovered that 84% of millennials were willing to pay up to 3% more for a home that was “energy efficient“. Young, fresh renters entering the marketplace today want a modern home; with modern energy solutions.
Reduce your maintenance costs, welcome the Millennial generation to your property, and join the next big movement in multifamily and the multifamily renovation industry! Integrate solar energy into your apartment renovation project.