Multifamily properties looking to stay ahead of the curve on NOI and risk management are increasingly turning to water sensor technology. It can be challenging to optimize financial performance and meet environmental, social, and governance (ESG) goals but water technology helps in both areas.
Here’s what you need to know: according to the National Multifamily Housing Council, damage from water leaks ranks as the number one cause of insurance claims in the industry. Furthermore, data from the National Apartment Association, in collaboration with IREM, reveals that utilities represent a significant portion of the budget, with water and sewer bills accounting for 14% of expenses. However, these bills aren’t just a cost of doing business—they present an opportunity for substantial savings.
That’s where water detection technology comes into play. By investing in 24/7/365 water leak detection solutions, apartment decision-makers can reap a multitude of benefits that directly impact their NOI and ESG objectives.
Here’s a recent example of a customer who experienced 11 leak events in a one year period.
Every property manager knows the anxiety that comes with water leaks – that ticking clock until potential damage becomes irreversible. The EPA’s guidelines on water damage and mold prevention underscore the urgency of the first 1-2 days.
Materials can be irreversibly damaged by water. It’s easy to imagine mold growth on papers and books. But the EPA says even vital building elements like ceiling material and insulation have to be discarded and replaced within 24-48 hours!
Time is critical when it comes to leaks. A proactive leak detection solution means:
- Decreased Property Damage: By addressing leaks early on, property managers can mitigate the risk of extensive water damage, leading to lower repair costs and less disruption for tenants. Additionally, swift action helps prevent the growth of mold and other harmful substances, safeguarding the health and well-being of occupants.
- Reduced Insurance Claims: Proactive leak detection not only prevents water-related incidents but also decreases the likelihood of insurance claims. This can lead to lower insurance premiums and greater cost savings over time.
- Preserved Maintenance Budget: Water detection technology allows for the preservation of maintenance budgets by preventing costly repairs associated with water damage. By investing in preventative measures, decision-makers can allocate resources more effectively and avoid unexpected expenses.
- Less Water Waste: With speedy detection capabilities, water sensors help identifying leaks promptly, thereby reducing unnecessary consumption and lowering utility bills.
- Short Payback Periods: The investment in water leak solutions often pays for itself after a single water intrusion event, making it a financially prudent decision with tangible returns.
With the right partner, water detection technology can be a game-changer for apartment decision-makers looking to enhance NOI, reduce risk, and fulfill their ESG commitments.
Ready to take action? Put our water expertise to work in your portfolio today. Check out our water savings calculator or schedule a demo to get a NOI analysis based on your current water and sewer usage.