Renters in many U.S. cities have come to expect green features in apartments that they rent, with an eye toward energy efficiency and healthy indoor air, according to a report by National Real Estate Investor. New apartment units today almost always include some green features, with renovations often incorporating sustainable design components.
Some 42% of overall multifamily financing provided by Fannie Mae in 2017 qualified for its Green Rewards program. That program offers lower interest rates to apartment properties that have earned green building certifications or pledge to cut their energy use by at least 25% through renovations.
Tenants are willing to pay an extra $27.21 a month to live in buildings that have green certifications, according to the 2017 NMHC/Kingsley Renter Preferences Report.
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. Fannie Mae’s Green Rewards program often slices about a fifth to a third of a percentage point off the interest rates offered to apartment borrowers.
In 2017, Fannie Mae provided $27.6 billion in financing to qualified apartment properties through Green Rewards.
Related Stories
| Aug 21, 2012
AGC offers second edition of the Federal Government Contractor: Ethics & Compliance Programs manual
This publication helps contractors appreciate the grounds for an alleged violation of the expected standards of business conduct and ethics, and to develop, implement, and document an effective ethics and compliance program.
| Aug 21, 2012
Federal Safe Building Code Incentive Act’s bipartisan support, no notable objection, bodes well for passage
The Safe Building Code Incentive Act would give states a little extra post-disaster federal funding if they enacted and enforced nationally recognized building codes for businesses and residences before disaster strikes.
| Aug 16, 2012
New York’s Barclays Center project accused of ignoring noise, pollution regulations
Construction crews racing to finish the Brooklyn Barclays Center are ignoring strict regulations to reduce noise and pollution, a new report by critics has found.
| Aug 16, 2012
Harness saves life of worker cleaning Washington state Capitol
Fall-protection equipment helped save the life of a worker who was cleaning the Washington state Capitol building in Olympia, after the platform he was using gave way.
| Aug 16, 2012
CSI webinar on August 21 focuses on electronic energy control
The Construction Specifications Institute (CSI) is sponsoring a free webinar on August 21 at 2:00 p.m. (EDT) on electronic energy control.
| Aug 16, 2012
Public sector pushes sustainable building forward
Not usually noted for its innovation, the public sector has done the most to advance sustainable building, according to a recent panel of green building professionals.
| Aug 16, 2012
Canada’s first net-positive building under construction in Milton, Ontario
The GreenLife Business Centre in Milton, Ontario near Toronto is set to become the first net-positive energy building in Canada.
| Aug 9, 2012
St. Paul cannot adopt overly restrictive egress windows policy, court rules
The Minnesota state Court of Appeals rejected St. Paul's attempt to adopt a policy on egress windows that was stricter than state law.
| Aug 9, 2012
Fire chief questions building code after St. Louis apartment building fire
A blaze that destroyed a 197-unit apartment building in St. Louis, Mo., displacing 250 residents, led the city’s fire chief to question the materials used in the construction of the four-story building.
| Aug 9, 2012
Ramps have strict criteria for ADA compliance
It is important for businesses to understand that an existing ramp at a building entrance may not mean that barrier removal obligations under the Americans with Disabilities Act have been met.