How Smart Home Technology Can Boost Your Rental Property Value
Technology controls pretty much every aspect of our professional and personal lives today. In the rare instance that we see someone without a smartphone today, we find it difficult to believe that such technologically backward people exist even today! Since smartphones are such a crucial part of our lives, shouldn’t we consider smart home devices for our homes and rentals? Absolutely! And if you’re a landlord, we can’t stress its significance enough.
Smart home devices can increase your rental property value. How? For starters, potential tenants today are going all out to rent a room installed with smart home technology. Shouldn’t that give you ample reason to follow the trend? We think it does. To answer the many questions playing in your mind, we’ve put together seven ways you can enhance your rental property value by installing smart home devices.
Table of Contents
1. Attracts millennials and helps stay ahead of competition
Millennials comprise a significant percentage of the population today and have been exposed to technology from the time they were born. According to a Home Advisor survey, 77 percent of millennials had bought a smart device versus 50 percent from the previous generation and a mere 25 percent from those in their mid-fifties and above! The data indicates the popularity and dependence of millennials on smart home devices so much so that they’re happy to fork over higher rent for a rental room with smart technology!
Since we have a huge chunk of the population willing to rent rooms with smart technology, the demand for such rental spaces is high, and as a landlord, you’d miss out on potential tenants and increased rental income should you choose to rent rooms minus such devices. Installing smart devices in your rental will help you stand out from the crowd, and you’ll have prospective tenants fighting over your property!
2. Is convenient and comfortable for landlords and tenants
Don’t you think it’s incredible that you can perform most of your activities as a landlord with the simple tap of a few buttons? We think so too. And so can tenants!
Smart home technology will help you watch over your property, control the house temperature, lock and unlock doors, and even work the lights using a smartphone or tablet. In other words, regardless of where you are, geographically speaking, you’ll be able to manage your property, and in the process, save time and money.
Likewise, if tenants can sit back and use smart home devices to control and manage blinds, lights, and TVs, they’ll not think twice before opting for a room rental with the preferred smart home technologies. After all, we all seek comfort, don’t we?
3. Tenants and landlords save money
Smart home devices contribute to savings for you and your tenants. For instance, statistics from Buttonwood Property Management suggest that controlling temperatures using the thermostat has helped tenants save 10 percent of their heating expenses and an additional 10 percent on cooling expenses.
Similarly, landlords can save on the house’s operating expenses by controlling the lights with a smartphone. In fact, using a system where the smart lights switch off when the sun sets and switch back on with the sunrise, could be an excellent and economical way to save money.
4. Gives smart security to tenants
It’s the landlord’s responsibility to ensure that their rental property is safe and secure. As a matter of fact, that’s one of the main factors tenants consider when looking for a suitable room rental. And if there’s a high turnover rate, one of the reasons could be an inefficient security system or none at all. With everything that goes on around us, who can blame people for wanting to be extra cautious?
The days of lock and key or a burglar alarm are over, given that they’ve been replaced by more sophisticated technology today. Although they may be expensive, they’re more of a necessity than a luxury.
A smart security system often includes security cameras, smart locks, and video doorbells. The cameras have sensors that can recognize any unusual movement both within and outside the house, maybe a thief or a parked car. An additional feature is night vision, so even when it’s pretty late, the device continues to do its work. These features can be managed using an app. As a landlord, you should also make sure you get notifications so that you’re aware should anything happen in or around the house.
Do whatever it takes to help safeguard your property and ensure that your tenant can live without fear and anxiety.
5. Gives more privacy
Prospective tenants will not just look for safety but also privacy. No matter where we live, we all want to do our own thing in our own time, without someone watching or breathing down our necks, whether it’s a friend, neighbor, or a door-to-door salesman.
Since smart home security systems often come with video doorbells, you know who it is and can decide whether you wish to entertain them or not. If you’re a loner and prefer not to talk to someone, especially strangers, smart doorbells will allow you to do so.
One of the highlights of smart home devices is that you can upgrade or switch them in or out of the system in use. For instance, manufacturers of doorbell cameras have added a feature whereby people can change faceplates.
These features may be helpful if or when you’re selling a property and wish to take the system with you and use it on another property you’re planning to rent or even live in.
7. Spend less time on the market
A survey conducted by CNET in collaboration with Coldwell Banker revealed that 81 percent of owners of smart home devices are more than happy to buy a home that’s equipped with smart home technology. If your rental property’s one of them, you shouldn’t have to worry about the price or the time it takes to get sold, should you decide to sell it at some point.
Setting up your rental property with smart home devices isn’t just a wise decision, it’s an investment that will do you good in the long run. In terms of costs, you’ll find smart devices fall within multiple price ranges, so you don’t have to worry about finding what fits into your budget and home. It allows you and your tenants to save energy and maintenance costs. Finally, it helps your tenants live a comfortable and peaceful life, thereby ensuring a longer stay. We don’t have to tell you the rest!