How does rising concern about the environment impact how and where people want to live?
Current generations are becoming more conscious about the importance of eco-living. From observing and touring various buildings within Chicago, Denver, Madison and San Francisco, it seems that potential renters expect that urban homes address green initiatives.
Brands and companies are feeling more and more pressure to engage in social responsibility and actively address social, cultural, and environmental issues. [1]
Are people willing to pay more to live in an eco-friendly building?
This response appears to be split. After touring multiple urban housing projects, it was not clear whether eco-friendly features played an important role in attracting prospective renters as seen in the chart below. It was expressed that renters want to know that the building is doing its part, but they do not necessarily want to pay extra for it.
According to future trend research, it will be more critical that urban homes have green features for future generations entering the rental market.
Renters now explicitly say they are willing to pay more to live in apartment buildings with sustainable design features, from energy-saving appliances to bike rooms, according to the latest survey from the National Multifamily Housing Council (NMHC). Renters are also willing to pay extra to live in “sustainable” neighborhoods, where they don’t have to drive to get to amenities like shopping and services, according to a February study from data firm Axiometrics [2]
