Organizations are looking to leave vanishing footprints. Here are some topline items to consider when “going green.”
Items to Consider
Some quick items to consider—on paper—include low-flow water fixtures like showerheads, faucets and toilets, smart thermostats, xeriscaping to conserve water, preventative maintenance to stave off and identify risks, LED lighting, better insulation around doors and windows and recycling. These options are only part of the operations to help ensure a sustainable living environment at a community.
Cost, portfolio size and implementation feasibility are also important. A building with only a handful of doors or a portfolio of thousands, there is the potential for a financial impact to begin facilitating these solutions no matter the scale. Ultimately, through research and analysis, there is the prospect of financial and sustainability success for stakeholders, employees and residents.
“We take a reasonable approach and look for a financial and social return on our investment,” says Andrew Kadish, CEO of Maryland-based CAPREIT. “Sustainability is a multi-factorial issue that has to balance cost, savings and environmental impact.”
Standards are created to help evaluate these sustainability challenges and solutions at the community level and for the rental housing industry.
KPIs
There are different benchmarking tools, some through the federal government, to evaluate and score sustainability. Other key performance indicators (KPIs) tracked include water, energy and waste data as well as utility management, maintenance and reward programs (for residents).
Additional strategies include free or low-cost audits to reduce risk. “Improving the energy and water efficiency of our properties helps reduce operational expenses while meeting energy and water performance targets in certain regions,” says Hannah Tillmann, Vice President of Sustainability at Berkshire Residential Investments.
Other initiatives, through BerkshireTHRIVE, include quarterly year-over-year reviews of utility and energy consumption and an annual review of a community checklist that includes sections related to environmental, social and governance (ESG) items.
Some of these actionable items come by way of compliance, “cities with mandatory benchmarking requirements,” says Joe Lubeck, CEO of American Landmark Apartments. Companies can also use this to tap into local utility and tax incentives.
Hamilton Zanze utilized rebates and replaced all windows and added insulation in all attics at one of its properties in Washington state, says Tim Bruss, Managing Director of Asset Management. “When we implement new green features programmatically, we work closely with the onsite property management team on an education program for the current residents.”
Learn more about sustainability from Tillmann and the panel during the Apartmentalize session, “Building ESG Success: Compliance and Leadership Case Study.”