Verdant Whitepaper
Energy Management Challenges Multifamily Buildings Face and How Verdant Solves Them
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The Unique Value of Multifamily Buildings
As an investment, multifamily buildings are truly unique among other residential properties. Like single-family homes, each unit in a a multifamily building generates ongoing revenue that helps finance the overall operation, while the property itself tends to only increase in value over time. On the other hand, multifamily buildings are also communities of their own, where tenants share spaces and amenities as they go through their daily routine.
This communal aspect of multifamily living is at the core of the product experience that multifamily buildings operators provide. It’s something that impacts the price of their rental units and, therefore, the value of their properties. And it’s something that comes with its own set of overhead costs.
The Challenge
Multifamily property managers face the ongoing challenge of balancing tenant comfort with profitability. While different tenants have different preferences and fluctuating occupancy patterns, common areas often require continuous heating, cooling, and lighting.
Outdated infrastructure also contributes to energy inefficiency. Many multifamily properties rely on aging smart HVAC systems and legacy thermostats that lack the adaptability to meet modern energy management standards. These outdated systems result in energy wastage and higher maintenance costs.
The Solution
One overhead cost that is universal to all aspects of multifamily buildings management is energy consumption. From keeping the lights on to powering the appliances and devices that tenants rely on, there are energy costs associated with every aspect of their daily lives. Fortunately for multifamily buildings operators, there are a number of strategies and technologies that will both reduce operating costs and increase the value of their multifamily properties.