Developers across the country are responding to a market demand for more energy efficient features in apartments, according to a study released by the National Multifamily Housing Council.
The Washington-based council says a survey of some 270,000 renters shows 61 percent indicating they were either very interested, or somewhat interested, in renting apartments that had more green amenities.
In fact, respondents also said that they would be willing to pay higher rents of nearly $30 more a month to live in an apartment with those features.
The NMHC study additionally reports that the vast majority of new apartment construction today is seeing energy and water efficiency built into the product, while sustainability integration is also increasingly a part of apartment renovation projects.
Notes the magazine Building Design + Construction: “With the cost of incorporating many green features in apartment properties having dropped to be roughly comparable to conventional construction, landlords are meeting the wishes of the market.”
Many of these projects are receiving funding support through the Federal National Mortgage Association, otherwise known as Fannie Mae.
Last year Fannie Mae provided upwards of $27 million in financing for such apartment projects through its Green Rewards program.
Those loans run the gamut from short term rehabilitation projects to permanent financing for some properties.
By Garry Boulard
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