Is Smart Home Tech Smart for Your Rental?
The prevalence of smart home technology has grown significantly over the past few years. Now 80% of home buyers prefer homes that are equipped with smart tech. Could installing smart home technology make your rental property more attractive as well?
While there are pros and cons to smart home technology, the overall answer is yes. Not only are renters looking for more environmentally-friendly, easy-to-manage homes—they’re willing to pay more rent for homes equipped with smart home tech. Having this technology in your rental helps your investment stand out from other rental properties on the market.
Here are three kinds of smart home technology that provide the best returns for rental property owners.
High-Tech Door Locks
Smart locks are one of the most important technology features a rental property can offer. Not only does it increase the security and desirability of your rental, but it also protects this important asset from thieves and vandals.
Another benefit is that you no longer have to worry about replacing locks or keys when renters move out, reducing your overall expenses. You can simply and easily reconfigure locks to respond to a different PIN code or smartphone when new tenants arrive. Smart locks also lessen the need to rescue tenants locked out of the home.
You might decide to include smart locks or video security at the building entrance of a multi-unit building. It helps everyone feel safer and can be a source of important evidence if an incident occurs on your property.
Smart Thermostats & Plugs
Any opportunity to save money on utilities is great for both your wallet and the environment—it’s a win-win for everyone. Smart thermostats are one of the easiest ways to economize. Tenants can set the thermostat to different levels when they are at home or away, along with different temperature settings at night compared to daytime.
Smart plugs allow the user to turn off electricity to certain outlets remotely, which can help save electricity and prevent accidents.
Smart thermostats and smart plugs are relatively inexpensive and easy to install compared to some other smart technology options. These devices also allow you to advertise your rental as more environmentally friendly and mention the possibility of lower utility bills for tenants.
Not every tenant is as attentive to the property as you are, and certain types of damage can be very costly. Water damage often occurs where it’s difficult to see—whether that’s under a sink, under a bathroom, or in the basement—and is sure to be a headache.
Improve the peace of mind of you and your tenants by installing moisture sensors throughout your property. These sensors can alert you to potential problems early so you can catch leaks—and potentially save thousands of dollars—simply by knowing there’s a water issue.
Is Smart Tech Smart For You?
In many cases, smart technology is a great way to boost the profile of your rental property. You want to make sure, however, that any technology upgrades make life easier and don’t compromise a tenant’s privacy.
Smart home technology can help you attract more tenants, but also means you can charge more in rent because of the upgrades. More money and fewer occupancy gaps deliver a double win.