27 Aug Smart Upgrades for Property Owners: Attract renters with smart apartment features
Smart upgrades to your apartment communities will help attract and retain a broader demographic of renters. Here are easy steps you can take to upgrade your rental properties.
Why Invest in Smart Upgrades?
Smart home automation is not a trend; it’s the new normal. And while there are countless gadgets and apps renters can add to their apartment themselves, smart property owners are integrating technology into their apartment communities. These smart upgrades not only help to attract and retain renters, but also increase profits and overall security.
Schlage’s Industry Insight Survey found that 86% of millennials and 65% of baby boomers are willing to pay higher rents for apartments already equipped with smart technology. In addition, many insurance companies offer lower rates for properties with smart home features. Broad rental appeal, increased revenue, and decreased expenses make these upgrades a no-brainer for property owners.
Upgrades That Reduce Energy Consumption and Cost
- Thermostats- Smart thermostats offer programming and remote control of HVAC units by both renters and apartment managers. This lowers utility usage and costs and allows managers to monitor empty units. Furthermore, managers can adjust the temperature of a unit before a showing without having to leave their office.
- Lighting- Smart bulbs and lighting fixtures, similarly to smart thermostats, allow for programing and remote control. Renters can turn their lights on from work so they don’t have to stumble through the dark, while managers can program a lighting schedule to make vacant units appear occupied.
- Smart blinds- While smart blinds may seem like a frivolous expense, they are actually a sound investment for people looking to reduce energy costs. Program the blinds to open during the day to let warming sunlight in, then close at night for privacy.
Upgrades That Increase Security
- Smart appliances- A fully connected kitchen is certain to attract renters. But, most noteworthy, it could also save property owners from disasters. For example, a smart oven can be programmed to send an alert if left on for a certain amount of time. Managers can turn off the appliance remotely, preventing an abandoned stovetop from becoming a devastating fire.
- Smart outlets- Similar to smart appliances, smart outlets provide security and convenience. For example, if a renter thinks they left a curling iron turned on when they left for work, they can simply turn the outlet off from their desk instead of rushing home.
- Smart locks- Smart locks allow keyless entry through access codes or thumbprint recognition. Renters and apartment managers can set temporary codes for maintenance and service workers. Temporary access codes are much safer than providing a key, which could be copied before return. Smart locks can also be reprogrammed between renters, instead of replaced like traditional locks.
Some smart home devices connect to individual apps; most connect to a central control hub, like Amazon Echo or Google Home. Many renters own one system or the other before they move in. Unless you’re willing to provide either Echo or Google Home in each unit, invest in smart devices that are compatible with both.