Many Cutler Bay 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.
Tech-Enhanced Safety
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. More than half of these tenants believed that smart home features would be worth an extra $20 or more. Renters stated they desired three sorts of smart home devices in particular: safety features, such as smart locks and smart doorbells, were at the top of the list.
Smart locks are electronic locks that enable you and your tenants to secure or access a property without the use of a physical key. Smart locks come in a variety of styles, but the majority may be opened with a phone app or a pin code. Tenants prefer smart locks because they can monitor their home security from their phones, and Cutler Bay property managers prefer smart locks because they eliminate the need to replace locks every time a tenant moves out.
Smart doorbells, on the other hand, allow tenants to screen guests and keep a watch on who comes and goes from their homes. This security 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 help them monitor and save money on their utility bills. Smart thermostats, smart light bulbs, and smart plugs are all devices that can be managed using a smartphone app. The thermostat temperature can be adjusted, lights can be turned on and off, and outlets may be turned off using the app.
These gadgets can help save money on electricity while also reducing the risk of fire or other hazards caused by leaving things on. The fact that these devices are relatively inexpensive to install but may be a huge draw for renters is perhaps the largest benefit for property owners.
Water Sensors
Finally, moisture sensors are smart home gadgets that have a lot to offer both tenants and landlords. Water leaks are one of the most common issues that tenants and property owners face. 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 developed.
Smart moisture sensors can help you detect water leaks sooner and schedule maintenance and repairs more efficiently. Your tenant will be relieved that water damage has been avoided, and you will save money by avoiding costly emergency repairs.
Finally, the greatest smart home technology for your rental property is one which will pay for itself in increased rent or happier tenants – or both. If you’ve hoped to attract a more tech-savvy renter demographic to your rental home, this is a good way to accomplish it.
Real Property Management Genesis can help you optimize your profits and modernize your rental property. Contact us online today!
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