Multi-family buildings are cropping up all over the place, at least so it seems. In many parts of the country where cities are expanding and getting more and more crowded, large (and tall) residential complexes are being built at a rapid rate as a way to provide more housing options to those residents flocking to the city. Many developers and investors are seizing this opportunity to develop profitable investment properties that will provide a steady flow of dependable income. While large commercial entities are of course heavily involved in this trend, even the smaller individual investor is seeing this is a way to develop a reliable income stream.
For those who own or manage multi-family buildings, keeping costs under control is always a high priority. The goal is to reduce costs for both the owner of the property and the tenants who will be living inside of it. Cutting expenses for the owner makes the property a more cost efficient investment. Managing costs that will be incurred by residents, meanwhile, helps make the property more competitive and attractive to potential tenants.
In the case of cutting costs related to energy usage, there is the added benefit of being earth-friendly and conserving critical natural resources. Coupled with the ability to help residents save money, this can also help establish a positive image and a good reputation in the community.
In addition, some regions and municipalities are now taking steps to motivate (and perhaps even require) owners of these buildings to focus on energy efficiency. For example, city leaders in Kansas City, Missouri recently enacted a policy that requires large buildings to have benchmarks and regular reports documenting energy usage by tenants and others in those buildings.
This is just one example pointing toward a trend among owners of these large multiple unit buildings of making energy efficiency a major focus. Along with all of the other benefits, the financial advantages are certainly a strong motivator. There is clear proof that taking steps to improve a building’s energy usage can have a significant positive monetary impact on both the owners and residents of those buildings.
This isn’t just an option that’s limited solely to new construction, either. A recent NY Times article cited a study that found that retrofitting existing U.S. buildings for energy efficiency could result in savings of $1 trillion over a decade, while also reducing greenhouse gases. The story pointed out that this has also become a central focus for colleges and other institutions, especially those who operate housing facilities.
There are of course a wide variety of ways to make large buildings more energy efficient, and usually the property owners or managers use a strategy that includes several different options. This could include everything from installing energy efficient doors and windows to replacing lighting with a more modern type of bulbs that require less energy. The owners may even invest in major tools such as solar panels installed on the roof.
One strategy that is becoming increasingly popular is the use of spray foam insulation and roofing materials. This is a great option for large residential or commercial buildings because it can be installed or applied quickly, with the job completed fast so as to cause minimal disruption to tenants or employees. In addition, spray foam is very effective at creating an airtight, solid envelope that can make a huge difference in the case of large buildings that have the potential for high levels of air flow entering and exiting the building.
Adding spray foam insulation to a large building can result in immediate, noticeable savings in utility costs, possibly at a significant level. As a bonus, this can often make the interior of the structure much more comfortable and allow temperature conditions to remain more stable.
Installing spray foam insulation in buildings of any size requires certain necessary equipment. Contractors can get the spray foam equipment they need at Intech Equipment & Supply.