When LEED certification was established in 1998, it was seen as a way to create a competitive advantage for its adopters. The new designation raised consumer awareness of energy efficient design and instilled a sense of competition around sustainable building. Why then, were developers slow to pursue it? Overwhelmingly, the cost. In recent years, the…
There was a time when we spoke of green buildings, and it was a conversation focused in large part on the building envelope. Over the years, that conversation has advanced; in a sense it has been turned inside out. Today we speak of high-performance buildings measured by their degree of sustainability and their ability to…
Mold problems can be incredibly expensive to repair, sometimes requiring entire rooms being torn down to the studs. Certain types of mold can cause illnesses from skin irritation to obstructive lung disease. What is truly frightening about mold is how easily it grows. One study from the University of Arizona showed that 100% of the…
Reducing water consumption has become more important than ever. This is especially true in areas that experience frequent or long term drought conditions. Many property managers find themselves under water use restrictions or increased prices on water overages. The good news is that there are many ways to reduce water bills that are not occupant…
Water damage, leaks and mold are the cause of major headaches for many in property management. More than inconvenient, they are often expensive and time consuming to repair. According to insurance industry data, pipe failures are the leading cause of water damage, costing an average of $5,000 per incident to fix with toilet overflows and…
Fannie Mae has priced its first resecuritization of multifamily mortgages on energy-efficient buildings. The $1 billion FNA 2017-M2, which priced Wednesday morning, is Fannie Mae’s second GeMS REMIC of the year. It included two tranches that are backed by 30 loans originated under Fannie Mae’s green program and individually securitized. It’s another sign that the…
Multifamily occupants nowadays are becoming more concerned about cutting down their house energy footprint and save on electricity bills and therefore look for energy-efficient units for rent. In an effort to attract as many prospective tenants as possible, rental property owners hire professional renovation and construction services provider to convert their rental property into energy-efficient…
Energy-efficient buildings have lower operating costs, but also tend to command higher rents and enjoy higher occupancy and tenant retention levels than traditional buildings. A recent Energy Efficiency Survey, developed by the Institute of Real Estate Management (IREM) in collaboration with the Institute for Market Transformation, looked at what motivates office building owners to improve…
The key to success for multi family building investors is to adopt a strategy that helps them control operation costs, and take steps that add value to their business. To achieve this objective, many multifamily construction companies opt for green certification program, that helps investors minimize the tax burden and add value to their property….
For real estate investors, developers, architects and consumers, there is an importance and benefit of following certain construction standards that meet the needs of today’s and tomorrow’s generations of renters. While green multifamily projects are on an upward spiral across the country, renters are still quite reluctant to spend more money on green-certified apartments. A…