Over the past decade, home automation has gone from science fiction to reality. Now, everything from thermostats to security systems can be controlled from your smartphone. For homeowners shopping for themselves, the investment in smart devices can be an easy decision. However, landlords might find there’s more to consider when installing such a complex and often expensive system in their rental properties.
The Pros of Turning Your Rental into a Smart Home
According to a recent study, residents prioritize convenience and security over community amenities. Contrary to popular belief, this survey found that residents will pay more for smart home features versus pool access. Having these features can provide more value to your rental, which equals higher rent prices.
Protect Your Investment
You and your tenant can rest easier at night thanks to smart technology. A smart security system secures your investment property and keeps your renter (and your home) safe. Smart locks, security cameras, and automatic lighting are simple, yet effective ways to better protect your rental.
Save Money on Utility Bills (And More)
The days of asking, “did I leave the lights on?” are gone. With smart technology, tenants (and landlords) can better monitor utilities. Smart plugs, bulbs, and thermostats are the biggest examples of this. We don’t have to tell you that heating and cooling a home is expensive. Many thermostats now come with reporting that allows the user to monitor energy usage and adjust for efficiency. Plus, smart bulbs or plugs allow the user to turn off any appliances from anywhere. Those small savings can add up in the long run.
The Cons of Turning Your Rental into a Smart Home
Some tenants may not feel comfortable having smart technology in their homes due to privacy or safety concerns. The feeling of being monitored 24/7 in their home can make any renter apprehensive.
High Upfront Costs
While smart technology may help you save money in the long-term, as with every other home investment, there can be a high upfront cost. Before you let sticker shock dissuade you, we suggest reaching out to your insurance provider to see if there are any possible discounts available for those who upgrade to smart technology.
Turning your rental into a smart home may seem like a daunting task, but for some, it’s well worth the trouble.
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