An energy efficient rental property

The weather is well and truly heating up now we’ve welcomed summer, which means an increase in the use of cooling systems across the country and a greater demand on our energy.

While there are suggestions of introducing a minimum standard of energy efficiency in rental properties, currently there is no such requirement in legislation. This is not to say that there is no need to introduce energy efficient products into a rental property. Not only can it help appeal to tenants, particularly those looking for a long-term rental property, but it may increase your property’s value.

Helping to make your property a little more energy efficient does not have to cost the earth. Small changes such as replacing halogen lights with LED lights, or tinting westerly facing windows, are relatively inexpensive and can make a big different on power usage.

You may see an increase in maintenance reports for fans and air conditioners this time of year as the need for them to work properly increases dramatically. For properties with older fans or air conditioning units, they may inadvertently be drawing a considerable amount of power and still not be working effectively. The cost of fixing versus replacing it is worth considering - not only will it save you extra money in a few years’ time, but your current tenants will love you for it.

For an older style home, if there is no insulation, the property can turn from an ice box to a hot box in no time. While the cost of installing may vary depending on the size of the home, the difference it can and will make to your tenants’ lives and the pressure placed on heating/cooling devices within the home will be considerable.

With such a large proportion of the population renting and an overwhelmingly positive shift in people’s attitudes toward the consumption of energy, what and how energy efficient a property is may become an increasingly important factor for tenants seeking a home.