Renovation of existing buildings is fundamental to reduce greenhouse gas emissions of the building sector and to ensure the efficient operation of renewable heating systems. In multi-family houses, the suitability of heat pumps is limited by high required temperatures for the hot water preparation, which can be mitigated by hybrid heat pump systems. In this study, the energetic performance of a hybrid heat pump in a multi-family house, built in 1964, is investigated based on field data before and after a renovation. Multiple months are measured and mapped to a full year period. The combination of different renovation measures in the heating system and building envelope is rated w.r.t. their ecological and economical impact by taking into account the actual investment costs. The evaluation shows that the installation of a hybrid heat pump can achieve an accumulated greenhouse gas emissions reduction of 45%, which is similar to a building renovation to a new-build standard, which reduces the space heating demand by up to 62%. Nevertheless, only a combination of both measures can substantially reduce the emissions, which in this case are 81% lower compared to a gas boiler in 1990, which is still below the German climate target for 2040. Due to the low investment costs of a hybrid heat pump system, tenants are more likely to profit from a renting costs reduction, while a building renovation is especially economically beneficial at high energy prices. The results therefore emphasize that the insulation level should be selected carefully, as heat pumps already prepare space heating efficiently and that the heat pump must be able to support the hot water preparation to reach high emission reduction targets.