Why we need to pay more attention to multifamily housing

And what this means for energy management companies.

Today, a dramatic shift is occurring from owning property, to renting. Per data recorded in 2014, the number of renting households is around 41%. It’s predicted that between 300,000 and 400,000 apartments will need to be constructed annually to keep up with the recent influx.

Why the sudden renting craze? For many, money is the main object. Costs of living are up, while household incomes are remaining the same. We need affordable living spaces. Much of the costs must be addressed in development. New programs will need to be enabled. But, there is something that can be done during renting.

Controlling energy.

At one time, energy management was only for tech-savvy homeowners or big building owners. Now, the multifamily market is finally being brought up to speed. Energy management strategies can help renters bring down their utility bills. And, help property management run more cost effectively.

Tackling energy costs could lead to $3.4 billion in annual savings. This is accounting for several levels of multifamily housing, from financiers to building owners.

The strategies for energy efficiency are numerous, and oftentimes fairly simple. Turning off lights when rooms aren’t occupied. Setting the thermostat a few degrees higher. Disconnecting unused equipment. But, how do you make sure you’re using the most effective strategies? And, for property managers, whose greatest costs lie in vacant units, how do you know what’s going on so you can handle it?

The answer lies in energy monitoring technology. This technology alerts users to current energy use, and how to make the most effective changes. Strategies can be tracked and checked for their efficiency. For property management, Energy Management Systems (EMS) are their eyes into vacant units.

Except, there are those with access to EMS who still have not taken efforts to be efficient. Issues range from the right parties — whether owners or residents — not receiving necessary performance data or energy transparency, to not knowing how to implement strategies.

What’s needed is a system that reaches both audiences, provides actionable data, and teaches sustainable efficiency behavior.

An Energy Information System (EIS) could be the true answer. EIS provide energy monitoring services, and encourage action over “fast and easy” solutions. By starting with behavior, actions are more likely to be maintained. And, EIS work without implementing smart appliances or meters.

PowerSage is an EIS that targets both property managers and residents. We track the energy use of both, report back on performance, and supply personalized strategies. Our focus concerns getting necessary performance data to both sides of the equation, and answering energy questions.

Property managers want green residents. They take care of their units, and want to improve the building. And, energy conscious renters want green properties. An efficient property alludes to a desire to address problems, and improve the renting experience.

Trends toward a larger renting population are expected to persist. We need to create affordable housing, and do what we can to keep costs down. Managing our energy is one powerful step in that process. And, with solutions like PowerSage, property managers and residents can work together to effect this change.