Many Forest rental property owners ask whether it’s a worthwhile investment to install smart home gadgets in their rental property. The short answer is that predicted returns on investment for various smart home devices vary. So, which smart home devices are most appropriate for a rental property? Let’s take a look at some of the most popular ones among renters around the United States.
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 thought that smart home features would be worth an extra $20 or more to them. 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 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 may be opened with a phone app or a pin code. Forest property managers like smart locks because they don’t have to change the locks every time you move in a new tenant. Smart locks are good for both tenants and property managers.
On the other side, smart doorbells enable tenants to filter guests and monitor who enters and exits their property. If you’re a young adult who likes to keep an eye on your home and things, this could be a big deal.
Smart Utilities
Another group of smart home devices that tenants want are those that help them keep an eye on and cut down on their utility costs. Smart thermostats, smart light bulbs, and smart plugs are all devices that can be managed 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.
Water Sensors
Finally, moisture sensors are smart home devices that both renters and landlords can benefit from. They can help both groups. In both cases, water leaks are a big problem. 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.
Smart moisture sensors can help you detect water leaks sooner and arrange needed maintenance and repairs more efficiently. 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 pays you back through increased 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 Cairn can help you optimize your profits and modernize your rental property. Contact us online today!
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