Many Frisco landlords worry if installing smart home devices in their rental properties is a good investment. The basic answer is that the expected returns on various smart home devices differ. Therefore, which smart home devices are most appropriate for a rental property? Let’s take a look at those that are in high demand among renters nationwide.
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. Over half of these tenants indicated they would spend an additional $20 or more on smart home features. Renters expressed a need for three types of smart home gadgets in particular—security features, such as smart locks and doorbells, were at the top of this 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. There are a lot of different types of smart locks. Most of them can be opened with a phone app or a pin code. Renters enjoy smart locks because they can monitor their home security from their phones, while Frisco property managers appreciate smart locks since you don’t need to replace the locks each time you change tenants.
Smart doorbells, on the other hand, allow tenants to screen visitors and keep an eye on everyone who comes and goes from their home or apartment. This security feature might be extremely appealing, particularly to younger adult tenants who enjoy keeping an eye on their homes and valuables.
Tenants also desire smart home devices that assist in monitoring and reducing utility expenses. Smart thermostats, smart light bulbs, and smart plugs are all common items that can be controlled with 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 associated with 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.
Finally, moisture sensors are smart home gadgets that provide a lot of value to both tenants and property owners. Water leaks are one of the most common issues that tenants and property owners encounter. 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.
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 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 Focus can help you optimize your profits and modernize your rental property. Contact us online today!
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