This paper investigates how societal goals of heritage conservation and energy efficiency are handled in the management of Swedish multi-residential buildings. Interviews were made with larger owners of multi-residential stocks, and their perspectives are compared to officials at the City Planning Offices in two Swedish municipalities: Göteborg and Gotland. The questions posed are: How is heritage prioritised in relation to increased energy efficiency, climate impact and other objectives such as cost-efficiency? How important are their internal policies in comparison with external policies imposed by society? The companies express that they are proud of the heritage of their building stock, but they have not integrated heritage values in their management plans and strategies. Social issues such as safety and well-being are included, but not heritage. A consequence of this lack of systematic consideration of heritage is that measures for increased energy efficiency may conflict with conservation needs. In order for heritage values to be taken more seriously in relation to energy efficiency they would need to be integrated into such plans. The benefit from integrating heritage values in sustainable housing management is a question that should be further studied. The paper refers to SDGs 3, 11 and 13.