Many Homestead 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. So, 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.
According to a recent survey, more than 75% of renters are willing to pay a premium rent for a property with specific smart home features. Over half of these tenants indicated they would spend an additional $20 or more on smart home features. Renters expressed a desire for three sorts of smart home gadgets in particular: safety features, such as smart locks and smart doorbells, were at the top of the list.
Smart locks are electronic devices that enable you and your tenant to secure or gain entry to a property without the use of a physical key. Smart locks come in a variety of styles, but the majority of them require the use of a smartphone app or a pin code to access. Smart locks are popular among renters because they allow them to monitor their home security from their phones, and they are popular among Homestead property managers because they eliminate the need to replace locks every time a tenant moves out.
On the other side, smart doorbells enable tenants to filter guests and monitor who enters and exits their property. This safety feature might be extremely appealing, particularly to younger adult tenants who enjoy keeping an eye on their homes and valuables.
Tenants are also interested in smart home devices that help them monitor and save money on their power bills. 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 devices assist cut energy expenditures, and they can also help lessen the risk of fire or other hazards from leaving things on. Perhaps the most significant advantage for property owners is that these devices are relatively inexpensive to install yet can be a significant selling point for renters.
Finally, moisture sensors are smart home devices that both renters and landlords can benefit from. They can help both groups. Water leaks are one of the most common issues that tenants and property owners face. 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 an expensive fix, especially if it’s progressed over time to the point where wood rot or mold has set in.
Installing smart moisture sensors enables you to detect water leaks more quickly and conveniently, as well as plan necessary maintenance and repairs. Your tenant will be relieved that water damage has been avoided, and you will save money by avoiding costly 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 may also attract a more tech-savvy renter population to your rental property if that is something you’ve wanted to do.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.