Did you know up to around 70 million U.S. households are actively using smart home devices?
If you own a rental property and want to increase the value offered to tenants, consider incorporating smart home technology into the rental units. You don’t have to spend an arm and a leg to make your investment property a little bit smarter.
Keep reading to see five of the best smart home features to consider for your rental property.
1. Smart Lighting
A popular smart home feature is a lighting system. With a smart lighting system, your tenants can control the lighting in their units via an app on their smartphones. That can provide a level of convenience that wouldn’t be possible otherwise. If tenants are away during the day, they can shut the lights off and schedule when they want them back on.
2. Smart Home Appliances
The worldwide smart home appliances market was worth $29.03 billion in 2022. Expansion in the space is due to the growing number of smart homes, more home improvement projects, and the fast-paced development of IT and wireless communication. There are many types of smart appliances. You can get smart fridges, stoves, dishwashers, vacuums, air conditioners, and more. Determine which ones make the most sense for your rental property before deciding.
3. Smart Home Security Units
Mordor Intelligence predicts that the smartphone security market will reach $32.46 billion this year and grow at a compound annual growth rate of 13.81% to hit $61.97 billion by 2029. A smart home security setup can appeal to tenants. Unlike a traditional system, a smart system affords more tools to safeguard tenants, their things, and your property. It can include motion detectors, wireless cameras, smart locks, alarms, and more. Tenants can use an app to check in on their kids or pets when they’re away, and they can arm and disarm the system remotely. Safety and security-conscious tenants will want rental units equipped with smart home security systems.
4. Smart Thermostat
The smart thermostat market is estimated to be worth $5.34 billion, and the compound annual growth rate through to 2029 is an impressive 20.1%. If you want to give tenants the tools to reduce energy consumption, install smart thermostats in your rental units. Using an app, tenants can adjust the temperature, whether they’re at home or elsewhere, and they can schedule when the smart thermostat turns on, off, or adjusts to the desired temperature.
And, yes, people who use smart thermostats can save money. One source notes that customers can save on their utility bills to the tune of 8%. Tenants who want to lower their carbon footprint by doing the right thing for the environment, all while saving money, will be drawn to technology like smart thermostats.
5. Smart Window Coverings
The global smart window market is worth an estimated $5.59 billion. While things like voice-activated smart shades might not be necessary, they can be a nice luxury. Who hasn’t wanted to raise or lower blinds or shades while seated on their sofa? If you invest in smart window coverings, your tenants can do just that. It’s the sort of feature that’ll set your rental property apart from others in the neighborhood.
These are some ideas to consider if you’d like to turn your rental property into a smarter rental property. Doing so can be especially helpful if the demographic in your area gravitates toward smart home features. If you need help deciding what types of upgrades to pursue, one option is to hire a property manager experienced at advising investment property owners. You can also get help with everything from screening tenants to maintaining the property.
Article Submitted By Community Writer
