With the housing market only starting to pick up and the competition a little stiff, developers are looking at ways of lowering construction costs and attracting more renters. One way of doing so will be going green. Denver-based United Dominion Realty says going green just might do the trick.

UDR’s East Dallas Belmont Apartments are packed with amenities such as swimming pool, fitness center, and skyline views. What make it stand out, though, according to asset quality senior vice president Doug Walker, are the lowered utility bills. The developer promises that, thanks to an energy-efficient construction, residents can save up to $380 to $550 in utility costs.

The Belmont has been awarded silver in Leadership in Energy and Environmental Design. It is only one of those Dallas-based apartments that are proud of their green building standards. Walker says UDR will construct all its future buildings using the green guidelines.

UDR says they are able to lower utility usage by 20% and water consumption by 30% because of the latest-generation of environmentally friendly construction techniques and energy-efficient building materials. These techniques and materials were utilized in the Belmont and will also be utilized in the developer’s Savory project in Addison.

Carrollton-based MPF Research Inc., though, says only the future can tell whether greener apartments will sell. Its vice-president Greg Willett says that they bode well, though, for younger residents.

Even if there’s no assurance that people are going to pay more for green buildings, that does not matter at this point. Green building construction is relatively cheaper now as compared to the previous years. Only 3% - or maybe even less – is added to building costs when upgrading to energy-efficient and environmentally-friendly construction.

Developer Luke Crosland, responsible for the Ilume apartment, says green buildings attracts more renters and increases investment value. This is why Ilume was built using recycled waste, materials with recycled components, and lower energy consumption lighting fixtures.

Willett still maintains that it is still early to say that green construction will yield greater returns. Judgment can only be made when developers start selling their apartments. Yet another Atlanta-based developer, Wood Partners, reveal that equity investment partners are now looking at building more and more green projects.