4 Reasons to Install Smart Home Devices in Your Next Rental Property
With a wave of millennials opting to rent instead of buy, they may choose to live in a property that is more in tune with their technological needs. Generations that have grown up in the age of technology and the internet find that their idea of home is where they can comfortably use and connect their devices to their smart home devices.
Smart home technology is used to describe technological devices that can share information, communicate, and work together to make your life easier. Smart home devices commonly found in homes are security devices, door locks, lighting and music systems, digital appliances, and adjustable thermostats, which can all be controlled by the inhabitant remotely via their smartphone, tablet, computer, or voice commands.
Benefits of installing smart home devices
While your tenants will enjoy the comfort and ease of having multiple smart home devices installed, there are benefits for rental property landlords, too.
1. Building Security
With cameras, two-way video communication, smart locks, and motion detectors, you’re able to track entry into the building or shared space and change the lock in seconds. You cannot install cameras inside the rental property, but outside to protect the property is generally fine.
Smart sensors can send alerts immediately if they detect plumbing leaks, radon and carbon monoxide, or broken windows.
2. Energy Costs
Installing smart lighting systems and thermostats can help you save time and money when you’re showing the property or turning it over for the next tenant. Your current tenants would be able to adjust and monitor from their smart devices, allowing them to control the heat while away from home if they accidentally left it on before they went to work. Smart thermostats also learn the patterns of the tenants and will automatically adjust to their needs.
3. Smart Irrigation Systems
Although these aren’t as common, having a smart irrigation system can monitor soil moisture content, weather patterns, and outside humidity and temperatures - then adjusting sprinkler systems accordingly.
4. Smart Smoke and Carbon Monoxide (CO) Detectors
Installing a smart smoke and carbon monoxide detector might be more costly than a standard one, but these have the capability of sending an alarm to your phone anywhere in the world.
As tenants in this era have grown up with technology, they’re starting to expect renting a home with smart home devices be the rule, and not the exception. However, real estate investors want to make sure that their return on investment is high, so weighing the pros and cons of each smart home device before installation is crucial. Young renters will pay a higher monthly rental price if their home is equipped with smart home devices like thermostats, but a talking fridge may not be of use to them necessarily. It’s always a good idea to do your research.
When you’re ready to look into investment opportunities and how smart home devices can help your business, contact Renovo and talk to one of our team members to discuss how you can continue to grow your rental investment portfolio despite the current market.