As the world becomes more and more connected, we’ve started to see widespread adoption of technology within the home.
Smart home technology with its promise of improving security, comfort, and energy savings has become a highly sought-after feature in modern rental properties.
But apart from improving convenience for tenants, why should you as a property owner consider investing in these smart technologies? Let’s explore.
Benefit #1 You get more favorable home insurance premiums
Did you know that most home insurers provide insurance premium discounts between 5% – 20% if you have certain smart devices installed?
That’s not all.
The bigger insurance firms even offer free and at times reduced fees for these systems and their installation. Liberty Mutual is a fine example.
They have recently partnered up with security systems service provider Vivint to encourage smart home technology installations.
Not only will you get professional installation of your selected smart devices, but there are $0 activation and installation fees. You even receive $100 off some smart home technology devices!
Benefit #2 You can significantly lower your property energy bill
Smart heating and cooling systems pave the way for energy efficiency in your rental unit.
Smart thermostats use a range of sensors to keep tabs on in-house temperatures. And coupled with a modern heating system your unit can stay warm with less energy.
When it comes to home appliances, opt for those that are better engineered and can be connected to smart plugs and switches.
Also, choose ENERGY STAR-rated LED bulbs as opposed to traditional incandescent bulbs. According to the Department of Energy, LED bulbs use 75% less energy and have a more extended lifespan – up to 25 times longer than regular incandescent bulbs.
Benefit #3 Both tenants and future homeowners desire homes with smart technology
If your target demographic includes millennials, be aware of the fact that nearly half of them – 47% – are already owners of smart home technology products. If they’re looking for a place to rent, they will expect it to have smart technologies installed.
For other demographics:
- 33% of Gen Xers own some sort of smart house device and only,
- 24% of those 55 and above have any interest in these devices when looking for a place to rent.
While you may not be thinking of selling your rental property at the moment, it’s worthwhile to note the following.
In a survey carried out by Rochester Real Estate, it was shown that 8 out of 10 prospective homebuyers (81%) were more inclined to purchase a house if it was equipped with smart home technology.
Benefit #4 People will associate your property with convenience
With rising costs of living, everyone is looking for ways to keep expenses low.
Fortunately, smart home technology facilitates saving of both time and money.
- 57% of people report that smart home systems help them to save on average 30 minutes every day and,
- 45% of Americans claim to save $98.30 per month because of smart home products.
Rental properties that make life easier for people don’t stay on the market for too long. So installing smart home technology is a win-win solution.
Benefit #5 Streamline the tenant transition process
With smart home technology, you can say goodbye to having to change locks, in-between tenants.
Now with a smart lock, it’s just a simple matter of changing the access code or capturing the new tenant’s biometrics.
Gone are the days when you would have had to call in a locksmith or replace lost keys. With keyless entry systems, you can now speed up the new tenant onboarding process.
Now, onto the bonus section: the smart home technologies to install.
Bonus: The top smart home technologies to invest in
So, what are some of these smart home technologies people are looking for in your rental property? Here is a list of some of the most in-demand systems (albeit not exhaustive!)
- Smart locks and alarms
- Smart fans and thermostats
- Smart lighting solutions
- Carbon monoxide detectors
- Smart blinds solutions
- Smart home surveillance cameras
- Smart garage door openers
- Smart entertainment devices
Here at Longmont Property Management Inc, we’re dedicated to efficiently managing your property and keeping up with the latest rental property trends – including smart home technologies.
If you would like to talk to us about hiring a property manager do not hesitate to contact us today.