Quealy & Co look at the two main ways you can become a greener landlord.
It may require some investment but given that housing accounts for 14% of total UK emissions, there will be a strong knock-on effect for rental energy standards in the coming years. In 2019, the UK became the first major economy to pass laws to end its contribution to global warming by 2050, while 2020 saw calls for tackling climate change to be included in planning for a post-pandemic future.
The next decade is going to be one that brings huge change for the private rental sector. It will also be one of huge growth.
1. Offer a green energy supplier to your tenants
Sustainability tops the agenda for many tenants. Research by YouGov shows that millennials are more likely than any other generation to say that they would pay extra for eco-friendly or sustainable products. As a landlord, you can boost the appeal of your property for tenants, in line with their expectations, with the offer of a green energy or electricity supplier.
If you offer a utility switching service to change to this green provider, you’ll also make the tenant’s move less arduous so it’s an easy win to keep them happy - and hopefully stay in your property for longer. Some companies can even automate this service, to make the switch hassle free for everyone involved. Here at Quealy & Co we offer utility switching to our tenants via the Goodlord Platform which in turn promotes Scottish Power who now offer Fixed Price Tariffs 100% Renewable Electricity.
2. Upgrade and renovate your property
Landlords are already required to boost all tenancies from an Energy Performance Certificate (EPC) rating of F or G to at least E since 1 April 2020. This involves spending up to a maximum of £3,500 towards improving rental properties, whether insulating the loft, roof or walls, upgrading the boiler, installing low-energy lighting, and so on.
The government also set up the Green Homes Grant in 2020, offering vouchers of up to £5,000 (or up to £10,000 for low-income households), to put towards the cost of installing energy efficient improvements, such as insulation, in your residential property. Vouchers should be redeemed and improvements completed by 31 March 2022.
If landlords invest in updates, you’ll have the chance to create a unique selling point for the property as an energy efficient rental. Build-to-rent homes already have the advantage of being designed around the modern renter so landlords who update their properties will be better placed to compete in this new and challenging market.
Landlord costs will also be reduced. Better insulation, for example, will mean less damp so less maintenance, happier tenants, and a higher house value; statistics show that house prices can grow up to 14% when improving energy efficiency ratings to A/B.
Quealy & Co Lettings
For the fourth year running we have been judged to be an exceptional letting agent, in the Top 5% in the UK, and featured in the Best Estate Agent Guide. You want to maximise the return on your property, so you need an experienced and professional letting agent.
If you need any advice or have any questions, do not hesitate to contact the Quealy team in Sittingbourne. We are here to support landlords and tenants throughout 2021. You can reach us on 01795 429836 or email firstname.lastname@example.org
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