Benefits like increased energy efficiency and cost savings, combined with heightened resident demand for sustainable features, are driving multifamily developers to go green.
Source: Multi-Housing News (May 2, 2018) – Alongside the development boom that Marcus & Millichap estimates will add 335,000 new multifamily units to the nation’s inventory this year, another phenomenon is emerging. As developers recognize the benefits of sustainability for both their bottom line and their residents’ quality of life, they are increasingly incorporating sustainable building materials and methods into their projects. More than 1.54 million multifamily residential units were participating in the U.S. Green Building Council’s LEED program of March 2018, and the organization expects that number to keep rising as new projects come online.
Support for Sustainability
Healthy fundamentals, particularly strong occupancy and rising rents, are encouraging developers to build green, but other factors are also at work. “On one hand, there’s a request for sustainable building,” said Paula Cino, vice president for construction, development and land use policy at the National Multifamily Housing Council (NMHC). “Green building features are something that residents, as well as jurisdictions, are asking for from the builders and developers in their community.”
To continue reading, go to:
