Gatby: Making Tenant Data Work for Owners

At Gatby, we help multifamily operators capture and aggregate tenant energy data through Smart Meter Texas and utility data-sharing systems. Traditionally, owners have visibility into only common-area or CSA meters, which cover just 20–30% of a property’s total usage. Gatby unlocks the other 70–80% by securing permissioned resident opt-ins and delivering clean, anonymized, building-level datasets in formats ready for ENERGY STAR Portfolio Manager and GRESB reporting.

Why does that matter? Because tenant data isn’t just about utility bills anymore — it’s a lever that drives cheaper financing, higher valuations, and stronger ESG investor scores.

Why Tenant Data Matters More Than Ever

Without tenant-level data, owners miss out on:

• Qualifying for Fannie Mae Green Rewards / Freddie Mac Green Advantage loans
• Achieving higher GRESB scores and attracting ESG-focused capital
• Proving retrofit ROI and accessing utility rebates
• Delivering a better resident experience with personalized plans and lower costs

The Fannie Mae Green Rewards Incentive

Fannie Mae’s Green Rewards program provides:

• A 10 basis point interest rate reduction (0.10%)
• Up to 5% higher loan proceeds (thanks to underwriting recognized energy savings)

At first glance, 10 bps may not sound like much — but when combined with higher proceeds, the financial upside is significant.

Illustrative Case Study: 300-Unit Multifamily Property in Dallas

Property Value: $70M
Loan Size: $50M refinance (10-year fixed)
Base Loan Terms (no Green Rewards): 5.50% interest, $50M max proceeds

Standard Loan (No Green Rewards)

• Loan amount: $50M
• Interest rate: 5.50%
• Annual interest cost: $2,750,000

With Green Rewards

1. Higher Proceeds

• Energy audit identifies $200,000 in annual utility savings (owner + tenant).
• Fannie recognizes $125,000 in underwritten savings (75% owner + 25% tenant).
• Loan sizing increases by 5%.
• New loan amount: $52.5M (+ $2.5M more proceeds).

1. Interest Rate Cut

• Rate reduced by 10 bps (5.50% → 5.40%).
• Annual savings: ~$52,500.
• Over 10 years: $525,000 interest saved.

Combined Benefit

• $2.5M extra loan proceeds
• $525K interest savings over the term
• Total Owner Value = $3M+

And this is only possible when tenant energy data is captured and documented — the piece Gatby automates.

As development costs have escalated in recent years, hard‐construction expense benchmarks provide useful context for the Green Rewards financing opportunity. Whereas materials and labor for multifamily development are close to $300-$350 per square foot (and in many gateway urban markets exceeding $400+ per square foot) as of 2025. At the same time, the share of total project cost represented by hard costs remains large—though depending on building typology and market specifics, it can vary significantly.

In this higher-cost environment, the incremental benefits of Green Rewards—such as underwriting projected utility cost savings, offering up to 5 % additional loan proceeds, and lower all-in interest pricing—can materially improve viability or yield of retrofit/upgrade investments that support energy and water efficiency in multifamily assets.

Why Gatby Changes the Equation

The catch? Consultants usually have to chase tenants for sample utility bills to meet Fannie’s requirements. It’s slow, messy, and often incomplete. Many owners decide the hassle outweighs the benefit.

That’s where Gatby comes in:

• Automates resident consent and usage collection via Smart Meter Texas
• Provides full tenant data or representative samples instantly
• Delivers data in ENERGY STAR Portfolio Manager and GRESB-ready formats
• Creates new ancillary revenue ($ per enrollment) and improves resident experience with personalized plans and lower bills

Beyond Fannie: The ESG Advantage

While Fannie only requires a representative sample of tenant bills, ESG frameworks like GRESB reward full-building coverage. Top-quartile GRESB scores (usually ≥70–80% coverage) mean:

• Higher investor demand
• Lower spreads on sustainability-linked loans (often 15–30 bps in the broader market)
• More attractive fundraising with LPs

In today’s capital markets, ESG positioning is just as valuable as green financing incentives.

The Bottom Line for Multifamily Operators

Tenant energy data is no longer just a utility detail — it’s a financial lever.

• Fannie Mae: up to 5% more loan proceeds + 10 bps cheaper debt.
• Investors: higher ESG scores, better access to capital.
• Operations: happier residents, ancillary revenue, and better retrofit ROI.

With Gatby, you can access this data seamlessly, without chasing tenants, and turn it into real dollars.

Contact Us

Want to see how much value tenant energy data could unlock across your portfolio? Reach out to Gatby for a quick coverage and financing impact analysis or schedule a call.