With daily headlines in the media describing the effects of climate change on our natural environment, it is not surprising that sustainability has become among the most significant topics in recent years. As people become increasingly aware of humanity’s accountability in the environmental crisis, many have started to demand sustainable solutions and services for the future.

The innovations of the past two decades have illustrated that the technology industry has an important role when it comes to designing sustainable solutions. Solar power, electric transportation, and LED lighting systems are notable examples of green tech innovations that are already widely used, and current developments in Artificial Intelligence (AI) and the Internet of Things (IoT) are showing great promise to enable environmental sustainability with smart solutions.

These solutions are particularly relevant for the property management and construction industry. According to a 2017 UN Global Status Report, residential and industrial buildings account for 36% of global energy use, and 39% of energy-related carbon dioxide emissions annually, illustrating the need for sustainability developments in this industry. Building emissions can be split into two subdivisions, namely the construction of the buildings, and the operational energy use. The day-to-day carbon emissions are a result of the operations of the buildings, such as heating, cooling, and lighting.

Thus, enabling sustainability for real estate might be even more challenging than for most other industries, as there are many factors to consider. That said, there are technologies available that can help facilitate sustainability in the industry.

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Proptech’s Role In Sustainability

As a sub-sector of the tech industry focused on properties, PropTech has the ability to use technological solutions and innovations to move the building operations and construction industry to a more eco-friendly path. PropTech creates solutions that make planning and managing properties more efficient and easier at every stage of a building’s life cycle.

At the design stage, PropTech can be used to future proof the building in question, reducing the risk of a wasteful reconstruction or sunk costs because of obsolete systems. 3D mapping and modelling helps utilise the space more efficiently and can help analyse the environmental impact of a building before it’s built. When future-proofing is not possible, as is the case with existing buildings, retrofitting the building with smart sensors and green technology might appear to be a financial hurdle for the building owner, but can save them money in the long run by reducing energy, water, and heating costs.

At the operational stage, utilising management software, integrations, and smart sensors can allow building operators to significantly reduce their carbon footprint. Smart sensors can be integrated with a software that automatically turns off lights or lowers ventilation when a specific space is not in use, therefore effectively lowering energy consumption. Furthermore, monitors can be used to regulate heat and water for a similar effect. In addition to reducing the carbon footprint, these energy and water savings also lead to lower operational costs of the building and more automation, leaving funds and headspace for other (sustainability) initiatives.

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Sustainability As A Service And A Communal Responsibility

Studies have shown that the younger generations, Millennials and Generation Z, are more concerned about climate change than the older generations, and tend to be more engaged with the issue. The current generation of renters places higher importance on sustainability than any generation before them when choosing a place to live, with a large proportion even willing to pay higher rents for sustainable options.

By providing an opportunity to share resources and thus reducing waste and consumption, coliving is regarded as an attractive living option for younger generations focused on sustainable living. Features that prospective renters deem attractive include on- site recycling, green appliances, and energy-efficient technology such as smart lighting and thermostats. To answer the demand for sustainable solutions, coliving can utilise PropTech to reduce the carbon footprint while making the space an appealing, environmentally friendly living option.

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In addition to automatic energy-saving, smart devices can also promote a sense of responsibility when it comes to sustainability within a coliving space. As a contrast to automation, sensors might inform tenants when they’ve forgotten to turn off their lights or ventilation systems, increasing the tenant’s sustainable behaviour and establishing a sense of ownership and engagement. Monitoring systems could release monthly impact reports to inform tenants of their energy use, including tips and tricks on how to save energy within the community.

“Community building is a great way of transferring a sense of ownership to coliving tenants, which in turn is a key element to energy-saving behaviour.” (Christian Schmitz, VBDM of Coliving and PBSA at SALTO Systems).

The need for sustainable partners and providers If coliving operators want their spaces to be considered as a sustainable option, they need to choose their technology and service providers carefully. The tech industry is not without blame when it comes to carbon emission, with the ICT sector’s footprint estimated at around 730 million tons of CO2 equivalents in 2018. As a result, it is essential to choose providers that are committed to sustainable practices.

As a tech company, SALTO is conscious of its responsibility when it comes to sustainability. That is why SALTO continually takes steps to ensure that the wireless smart locks and the solutions they offer are grounded in this mission. Our SALTO smart locking manufacturing plant is 100% carbon neutral, and our XS4 models and smart lock technology achieved an Environmental Product Declaration (EPD), showcasing SALTO’s commitment to environmental transparency.

In conclusion, it has become clear that the time for action is long overdue and that every industry must do its part to lessen the impact of climate change. For the coliving industry, PropTech is a key element in providing sustainable solutions to coliving spaces. By utilising smart devices and green technologies, PropTech helps reduce the carbon footprint of the built environment while also making any given space an attractive and sustainable option for prospective tenants.