As a real estate investor, you desire to improve the value of your properties. Updating the kitchen, a new paint, and installing hardwood flooring are some of the great strategies that have traditionally added value to properties. However, making the wrong update or adding the wrong item may not increase the value of your rental property.
Recently, more renters are considering rental properties with smart technology features. Because younger renters are more interested in these features, this trend will quickly rise and exceed the demand.
Therefore, consider the following smart home technology solutions if you want to see a return on your rental property investment.
Smart Rental Property: 5 Tech Upgrades You Should Embrace to Maximize Your ROI
1. Smart thermostats
Because of the unpredictable weather patterns and the high energy bills that come with home cooling and heating, adding a smart thermostat to your rental properties can help to attract more tenants and increase the ROI. A smart thermostat is a programmable device that is Wi-Fi enabled, which means it can be adjusted remotely.
What’s more, a smart thermostat can learn the residents’ daily routines and create a heating and cooling pattern. Residents can also choose to connect the thermostat to voice-activated personal assistance, which can increase convenience for your renters and also help in reducing energy bills.
2. Smart surveillance and video monitoring
Renters want to feel safe, and with smart surveillance and video monitoring, you can provide your residents with that feeling. Install cameras inside or outside different rooms in your rental property. Renters can then pull the live feeds on their mobile phones to monitor what’s going on.
Ideally, the cameras you install should have zooming, panning, and night-vision options. Apart from video surveillance, smart cameras also come with other features like motion detectors, audio recorders, and sound detection.
Therefore, renters can choose to set the smart cameras to only alert if sound or motion is detected.
3. Smart door locks
Security is an essential factor for renters when choosing a rental property. However, apart from improving security, smart locks can help improve resident experiences and operations while still producing a strong ROI.
With smart locks, you can use an advanced access management system to save your property managers time and money. You can also save thousands of dollars every year that you would have spent managing physical keys for tenants and maintenance workers. This will enable your managers to focus more on profitable activities.
4. Smart appliances
Smart appliances can carry a high price tag, and they may not be the first place to look for a high ROI. However, if you own a luxury building and want to give residents a premium experience, then you should consider smart appliances.
In addition, smart appliances like smart washers, dryers, and dishwashers can help in cutting energy usage while saving residents time. These appliances can also be controlled via smartphone, which will give your tenants peace of mind.
For instance, a resident can ensure that the stove is turned off when they’re away from home.
5. Smart carbon monoxide and smoke detectors
Although most landlords will install smoke alarms to protect their property, installing these devices is a requirement in some areas. However, smart CO and smoke detectors can increase ROI and give your tenants peace of mind. These devices can send alerts to renters regardless of where they are. In addition, they make it easy to turn off the alarm in case it goes on accidentally.
Smart home technology is now in high demand from tenants and potential renters. As more investors and property owners offer innovative technology in their apartments, now is the time for you to stand out.
To get started, you may want to consider the above smart home upgrades.