Tracking over 100 different metrics, you can compare your building’s performance against national medians or similar buildings in your portfolio. Plus, you can set building targets and greenhouse gas emissions. Created by the EPA, it helps you track energy and water consumption.
ENERGY STAR Portfolio Manager: This is the most widely-used online tool in the industry. Here are the most common tools used by multifamily companies today: You just need a tool to track and analyze your data. It’s not difficult to get started with utility benchmarking. 
Using a utility benchmarking platform is simple
But to get ENERGY STAR certified, first you need to present your benchmarking data. According to studies, buildings with an ENERGY STAR certification see higher rental rates.
ENERGY STAR certification: Not only is this good for the environment, but it also attracts renters. But to qualify, you need to produce benchmarking results. Qualify for green financing: Green loans such as Fannie Mae’s Green Rewards and Freddie Mac’s Green Advantage give financing to multifamily firms who want to make their buildings more efficient. Measuring retrofit success: Once you’ve completed your chosen retrofits, benchmarking data will validate your investments. It helps you set priorities for upgrades that are most pressing. Prioritizing Retrofits: Benchmarking provides a foundation for all of your energy-saving efforts. Here’s how some apartment communities use their benchmarking data: Understanding which buildings in your portfolio are the most and least efficient is a first step for many apartment utility management initiatives. For example, your least efficient property may cost you $165,000 more in annual energy costs than a similar property that is more energy-efficient. Basically, it all comes down to efficiency. It shows how buildings with similar characteristics can have vastly different energy costs. Fannie Mae’s Multifamily Energy and Water Market Research Survey backs this up. And when you focus on fixing those inefficiencies, you’ll see huge savings. Measuring and analyzing your buildings’ efficiency can expose areas for improvement. Where to prioritize investments for energy upgradesīenchmarking data helps lower utility expenses. How property performance compares against others within and outside of your portfolio. Which of your properties waste the most energy. How energy and water usage changes over time at the property level and portfolio level. To help you understand certain metrics about your energy usage, benchmarking can bring these insights to light: From there, you can easily improve energy efficiency and ultimately lower apartment utility expenses. Accessing this data is the first step in creating an effective utility management strategy. That’s why it’s important to understand where your buildings are wasting energy. Some studies show that apartment communities waste 33% of the energy they consume. Benchmarking utility consumption gives you valuable insights 
It’s one of the most effective ways to help you reduce utility consumption and expenses. Routinely measuring, tracking, and analyzing your buildings’ usage is an important part of any apartment utility management strategy. “You can’t manage what you can’t measure.” And if you aren’t measuring utility consumption at your multifamily community, it may be costing you.
Benchmark property management how to#
Learn how to incorporate utility benchmarking into your multifamily utility management strategy to improve energy efficiency and save money.
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