As the world continues to grapple with climate change and environmental degradation, it is becoming increasingly clear that we need to adopt sustainable practices in all areas of life. The real estate industry, which is responsible for a significant amount of greenhouse gas emissions, has a crucial role in promoting environmental sustainability. Multifamily syndicators, in particular, have a unique opportunity to reduce their impact on the environment by adopting socially conscious practices. In this blog post, we will explore why multifamily syndicators need to be socially aware of their impact on the environment and discuss practical steps that they can take to promote sustainability in their properties. We will look at the benefits of environmental sustainability, the challenges that multifamily syndicators face in adopting sustainable practices, how they can overcome these challenges to create a better future for themselves and their communities, and how these adjustments can cut costs, increasing investor profitability.
Water Sustainability
Conserving water is crucial for environmental sustainability. There are a multitude of ways that syndicators can increase their efforts to reduce water usage.
1. Install slow flow showerheads
2. Fix leaks promptly
3. Landscape with drought-resistant plants
4., Install a rainwater harvesting system
All of these options will severely reduce the water bill, cutting overhead costs and increasing investor profitability.
Implement Energy Efficient Measures
Reduce carbon footprint by focusing on energy-efficient measures.
1. Use LED lightbulbs, or sensor lights to ensure energy is used only when needed.
2. Use programmable thermostats to ensure energy is used efficiently
3. Implementing renewable energy sources where possible, such as solar panels.
4. Install new HVAC systems which reuses energy consumption and costs.
5. Sealing all air leaks can significantly increase energy consumption.
By adopting these energy-efficient practices, multifamily syndicators can lower their energy consumption, reduce costs, and minimize their impact on the environment.
Waste Reduction
Syndicators can reduce waste by implementing recycling programs, using environmentally-friendly cleaning products, and encouraging tenants to reduce their waste through education and incentives.
1. Implement recycling programs, and recycling accessible.
2. Donate unwanted by partnering with charities.
3. Use sustainable cleaning products that are less toxic, and produce less plastic waste.
Creating a positive environmental impact and still profiting is crucial for multifamily syndicators. The multifamily industry has a significant impact on the environment, and as such, it’s important for syndicators to prioritize sustainability. By implementing environmentally sustainable practices, multifamily syndicators can reduce their operating costs, increase their property values, attract tenants, and improve their public image. Additionally, renters are becoming increasingly environmentally conscious, and they prefer to live in properties that prioritize sustainability. Therefore, by making a positive environmental impact and still generating profits, multifamily syndicators can meet the needs of their tenants, enhance their reputation, and contribute to a more sustainable future.
Viking Capital’s triple pledge: People, Planet, and Profit!
We nurture our tenants, staff, and investors while preserving a sustainable and healthy habitat for all living creatures. Join us as we responsibly manage our capital and the environment!
Viking Capital and One Tree Planted are teaming up to make a big impact by planting trees in Georgia.
Trees play a vital role in creating clean air and water, a healthy climate, and providing habitats for wildlife.
This project will result in trees planted in forests throughout Georgia to make a local impact. The projects will support environmental conservation and restoration.
