Challenges with Turnover
Hillmeade Apartments in Nashville, TN, struggled for a long time with high renter turnover every 6-12 months across their 288-unit complex. High utility bills over $600 a month drove renters away – leaving the maintenance staff overworked and far over budget.
The frequent departures strained resources and compromised the ability to maintain a stable community atmosphere, which is crucial for tenant satisfaction and retention. This instability was exacerbated by the aging infrastructure, which led to inefficient energy use and higher operational costs, further deterring long-term tenancy.
The complex faced additional challenges due to outdated HVAC systems and poor insulation, which contributed significantly to the excessive energy consumption and discomfort during extreme weather conditions. Tenants expressed dissatisfaction with the internal environment, which often did not justify the high cost of their utility bills.
This scenario highlighted a critical need for strategic interventions that could address both the economic and comfort factors influencing tenant decisions.
Recognizing these issues, Hillmeade Apartments turned to Power of Clean Energy to identify and implement energy upgrades. By addressing these foundational challenges, the complex aimed to transform the high turnover trend and establish a more sustainable operation.
Cost-Effective Energy Solutions
Implementing clean HVAC equipment allowed Hillmeade to create a comfortable, cost-effective environment for their renters. Saving renters on average 31% in monthly utility costs and effectively reducing turnover for upgraded units. This project continues to provide Hillmeade shareholders with long-term benefits by investing in energy efficiency.
Beyond the immediate financial savings, these energy upgrades facilitated a substantial improvement in air quality within the apartments, which has been particularly appreciated by residents concerned with health and environmental sustainability.
The transition to energy-efficient systems was also a strategic move to align with evolving regulatory standards and to take advantage of potential tax benefits and rebates available for green building practices.
Finally, the energy upgrades have allowed Hillmeade Apartments to set a benchmark within the community for sustainable living practices, inspiring other complexes to consider similar enhancements.
As these energy solutions continue to yield benefits, Hillmeade is establishing a reputation as a leader in responsible property management and tenant satisfaction.
Benefits of Energy Upgrades
- Improve operational efficiency. Power of Clean Energy immediately reduced maintenance staff bottlenecks and utilized the budget more effectively. The energy upgrades have led to a more streamlined maintenance routine, allowing the staff to focus on enhancing tenant services and facility improvements.
- Better asset management. By working together, we improved asset management and allocation to increase renter retention and adjust monthly rent accordingly. These energy upgrades have also bolstered the property’s value and attractiveness, making it a more desirable choice for potential renters looking for modern, efficient living spaces.
- Reinvest in YOU. By reducing costly utility bills, Hillmeade can provide comfortable, cost-effective homes for its renters long-term. The financial savings from these energy upgrades are directly used to enhance living conditions, ensuring Hillmeade remains a leader in providing eco-friendly, cost-effective residential solutions.
To discuss how PCE can provide energy upgrades for your building, contact us today and speak with a consultant.