Many Lutz rental property owners worry whether it’s a worthwhile investment to have smart home gadgets installed in their rental property. 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.
Tech-Enhanced Safety
According to a recent survey, more than 75% of tenants are willing to pay a higher rent for apartments equipped with certain smart home features. More than half of these 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 devices that enable you and your tenant to secure or gain entry to 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 Lutz property managers because they eliminate the need to replace locks every time a tenant moves out.
Smart doorbells, on the other hand, enable tenants to filter guests and monitor who comes and goes from their homes. This security function might be a significant selling point, particularly for younger adult tenants who enjoy keeping an eye on their homes and possessions.
Smart Utilities
Another kind of smart home device that tenants demand are those that help monitor and cut utility expenses. Smart thermostats, smart light bulbs, and smart plugs are all devices that can be controlled by a smartphone app. Through the app, it is able to alter the thermostat temperature, turn lights on and off, and turn off energy to outlets.
These gadgets assist in lowering energy expenses and also help lessen the risk of fire or other hazards associated with leaving things on. Perhaps the biggest benefit for property owners is that these devices are relatively inexpensive to install yet may be a significant magnet for renters.
Water Sensors
Finally, moisture sensors are smart home gadgets that provide a lot of value to both tenants and property owners. In both cases, water leaks are a big problem. Basements, under cabinets, and behind appliances are all common issue spots where water leaks can form and go undiscovered for long periods of time. Water damage is costly to repair, especially if it has progressed to the point where wood rot or mold has taken hold.
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 appreciate the relief of preventing water damage, and you will save money by avoiding costly emergency repairs.
Finally, the greatest smart home technology for your rental property is one that will pay for itself in increased 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.
Real Property Management Freedom can help you optimize your profits and modernize your rental property. Contact us online today!
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