Smart Rentals - What you need to know before you upgrade your property!

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Smart Rentals - What you need to know

Photo by Dan LeFebvre on Unsplash

 

Smartphone, smart thermostat, smart rental property? With all the tech out there these days upgrading your rental property could mean lower utilities, fewer issues and attracting socially and security conscious renters. 

We live in a time of technological advancements. While not all of your renters will care one way or another about smart technology in the rental, some will. As time goes by more and more renters are likely to want some simple upgrades. 

What Makes A Home Smart?

These days you can check your doorbell, look in on your pets or monitor your thermostat from anywhere in the world. Any of the many devices that let you monitor or operate features in your home from your cellular phone will qualify it as a smart home.

 

How far you go with those devices is up to you. Something you should consider is what renters will appreciate about those features and which ones will bring you the biggest bang for the buck. 

 

You can choose plug and play options or hard wired devices to get the full effect. Things like a smart irrigation system will not necessarily get you a better renter, but a smart lock and some sensor lights with a camera might. 

Whare Are The Advantages To Going Smart?

There are certain renters who really appreciate having the added convenience of smart technology in the home they live in. 

 

Coldwell Banker and Vivint Smart Home did a joint survey, “Their report finds several distinct groups desire voice control: 79% of Gen Xers, 74% of millennials, 63% of baby boomers, and 81% of parents. These groups want voice control for numerous smart home functions; however, entertainment tops the priority list at 43%. Both Google Home and the Amazon Echo allow renters to control entertainment apps like Netflix and Hulu.”

 

If you are looking for more practical options than voice controlling your entertainment there are several things that will save time and money to pick from that will woo renters. 

 

A smart thermostat can adjust to household use and save money over time, as can a smart irrigation system. Each adjusts to usage becoming more efficient and saving money on utilities.

 

Video doorbells won't necessarily save you money but can serve as a safety feature that many tenants will appreciate. They also deter theft and add a layer of security even if the renters are not home 

 

For the landlord or property manager, a smart lock system can allow for maintenance to be performed without keys being exchanged. In combination with a video doorbell credentials can be checked and the door unlocked and locked when the work is done.

 

Are There Disadvantages?

There will always be a certain percentage of people who are not thrilled about extra technology in the home. Whether it is fear of intrusion or getting hacked, you will not please everyone with a smart system. 

 

How Can Smart Devices Make Your Rental More Profitable?

Having a smart rental could bring higher rents in some areas. If utilities are included in the rent a smart thermostat could reduce your heating and cooling bills saving some cash. If the renters pay the utilities then that savings would be passed on to your renters. 

 

You could save money and time with a smart irrigation system. Knowing that your landscaping is being watered and that it is adjusting to temperature and rainfall could keep you from running sprinklers in the rain. It can also alleviate the stress associated with wondering if your renters are taking care of your property.

 

An unsung hero of smart homes are water, smoke and carbon monoxide detectors. The sooner you know about an issue inside of the home the quicker it is fixed and the less damage occurs. With these in place, you can monitor even a vacant unit for potential issues that could cost you big. 

 

Smart or not, your rental is a decision only you can make. If you are unsure then talk to your property manager. The staff at Nest Finders can help you decide on what features will bring you the best return for your rental. 

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