LED lights have rapidly gone from tiny little lights on electronics devices to one of the most popular forms of mainstream lighting on the market. Recent advances in technology are creating bulbs that last longer and becoming even more energy efficient than ever. The rate of replacement in a market where there are over 50 million light sockets is soaring and expected to do so for the foreseeable future. In a report issued by LEDinside, approximately 6 to 7 million LED bulbs will be in use.
As a multifamily property manager, you should always be on the lookout for ways to reduce costs for both you and your tenants. In the past decade, millions made the switch to CFLs or compact fluorescent lights because they were more energy efficient than the old incandescent bulbs. But, did you know that LEDs are up to 75% more energy efficient than CFLs?
Now they come in a wide range of sizes, shapes, colors, lumen levels, and more. This is good news as it will make it far easier for you to retrofit all of your rental units. At the same time, the earlier LEDs were rated to last 15,000 hours were not even lasting 6,000 hours, making them an expensive option, especially when they are used in communal areas where the lights are left on for long hours at a time.
LED manufacturers are very aware of this situation and have invested millions in researching and developing new LED bulbs that simply do not burn out. This makes them perfect choice for you to use in your common areas and as replacements in empty units before you lease them back out. Your tenants are sure to appreciate the reduced cost of their monthly power bill.
A Great New Approach to Lighting
Installing LEDs in your rental units is becoming a great way to attract younger renters. It gives you the ability change colors, add mood lighting, and use less light fixtures to achieve better lighting. In fact, custom lighting is rapidly gaining in popularity. LED lighting is becoming far more about form than it is function.
However, a savvy property manager may find it pays to meet with a lighting specialist to discuss lighting options for your units. The more technology advances, the more options you will have to choose from for each of your units.
More than just lights, todays light fixtures have Bluetooth speakers in them that allow you to connect your smart devices to and play music throughout your home. Your tenants can even download an app that lets them set the lights to flash in different colors with the music.
Down to the Nitty Gritty
No matter what other reasons you might consider for installing LED lighting in your rental units, lowered energy costs are still by far the best reason. The more energy efficient your rental units are, the more likely you are to attract the right type of renter and keep your units full at all times.