|By Business Wire||
|January 31, 2014 10:00 AM EST||
NWP Services Corporation (NWP), a provider of utility cost recovery and utility management solutions to the multifamily housing industry, today announced the release of its study Reducing Utility Costs in the Apartment Sector in cooperation with Greystar Real Estate Partners. This study quantitatively documents that Greystar’s managed utility expense program utilizing NWP’s services outperformed utility costs by 43% when compared to the National Apartment Association’s (NAA) Annual National Survey of Apartment Operating Income and Expense 2012, published in September 2013.
Greystar and NWP collaboratively analyzed actual property energy expense data using the NAA’s survey model and definitions as the framework. The survey reported a national average of apartment utility expense of $535 per unit, per year versus the Greystar achieved results which were $303.39 per unit, per year, bettering the market average by 43% on net utility expense.
“NWP is very pleased with this study’s results,” stated Michael Radice, chief executive officer of NWP. “This is now a demonstrable example where disciplined customer driven leadership in utility management when utilized in conjunction with NWP’s energy management services, led to true benefits being realized for Greystar managed properties. Greystar is an inspiring industry leader in this area of energy conservation and sustainability and we are proud to be their partner and services provider for utility cost recovery and energy management services.”
According to the NAA study, utility costs on apartment communities average nearly 20 percent of total operating costs, up from 11 percent in 2004, and continue to be a top three expense item for property owners and operators. If asset managers wish to have a competitive advantage, finding ways to reduce utility costs will have a particularly strong impact not only on the property, but also on resident satisfaction.
The full report may be downloaded at nwpsc.com/whitepaper/greystar-outperform.
About Greystar Real Estate Partners
Greystar is a fully integrated multifamily company offering expertise in property management, development and investment throughout the United States and abroad. Headquartered in Charleston, SC, Greystar is the largest operator of apartments in the United States, managing approximately 215,000 units in over 100 markets. To learn more about Greystar, visit www.greystar.com.
About NWP Services Corporation
Headquartered in Costa Mesa, California, NWP Services Corporation (NWP) is the leading innovator and solutions provider for lowering operating and utility costs for the multifamily industry through utility cost recovery, utility cost management and energy management solutions. Utility Logic helps owners maximize utility cost recovery with options that include convergent billing, utility billing only, and read, bill, and remit billing services, payments and submetering. Utility Smart helps owners and operators optimize utility spend through automation, benchmarking analytics and extensive reporting technologies. Utility Genius provides advanced options designed to directly assist with conservation initiatives and reducing utility spend. NWP’s customer centric solutions focus on increasing Funds from Operations (FFO), Net Operating Income (NOI), resident satisfaction, and the asset value of multifamily properties. Additional information is available at www.nwpsc.com.