Many Palisade landlords are unsure if installing smart home devices in their rental property is a good investment. The basic answer is that the expected returns on various smart home devices vary. Therefore, which smart home devices are the most appropriate for a rental property? Let’s take a look at the ones that are in high demand among renters across the country.
Tech-Enhanced Safety
According to a recent survey, more than 75% of renters are willing to pay more for properties with smart home technologies. More than half of the tenants believed that smart home features would be worth an extra $20 or more. Renters indicated a preference for three distinct types of smart home devices—security features, such as smart locks and doorbells, were at the top of this list.
Smart locks are electronic locks that enable you and your tenant to secure or access a property without the use of a physical key. There are various types of smart locks, but the majority are opened using a smartphone app or a pin code. Smart locks are popular among renters because they allow them to monitor their home security from their phones, and they are popular among Palisade property managers because they eliminate the need to replace locks every time a tenant moves out.
On the other side, smart doorbells allow tenants to screen guests and keep a watch on everyone coming in and out of the property. This safety feature might be extremely appealing, particularly to younger adult tenants who enjoy keeping an eye on their homes and valuables.
Smart Utilities
Tenants also desire smart home devices that assist in monitoring and reducing utility expenses. Smart thermostats, smart light bulbs, and smart plugs are all commonly accessible gadgets that can be controlled using a smartphone app. It is possible to alter the thermostat’s temperature, turn on and off lights, and turn off energy to outlets via the app.
These gadgets can help save money on electricity while also reducing the risk of fire or other hazards associated with leaving things on. Perhaps the most important thing for property owners is that these devices aren’t very expensive to put in, but they can be a big draw for renters.
Water Sensors
Finally, moisture sensors are intelligent home gadgets that provide numerous benefits to both tenants and property owners. One of the major difficulties tenants and property owners experience is water leaks. Basements, underneath cabinets, and behind appliances are all well-known sites where water leaks can form and remain undiscovered for an extended period of time. Water damage is costly to repair, especially if it has progressed to the point where wood rot or mold has developed.
Installing smart moisture sensors can help you discover water leaks early and arrange for needed maintenance and repairs swiftly and at your convenience. Your tenant will be relieved to avoid water-related damage, and you will save money by avoiding expensive emergency repairs.
Ultimately, the finest smart home equipment for your rental property are those devices that will pay you back in greater rent or happier tenants – or both. It could also bring in more tech-savvy renters if that’s something you’ve wanted to do.
Real Property Management Now can help you optimize your profits and modernize your rental property. Contact us online today!
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