A rental property can be an effective investment for owners who are able to attract quality tenants. By offering potential tenants something that your competitors don’t have, you can charge more for your rentals and get the best tenants. Studies show that smart home amenities will give you that edge.
Once you’ve invested in smart home amenities, you’ll need effective ways to market that advantage in order to reach the right tenants for you.
Studies show that renters are increasingly demanding smart home amenities such as keyless access, and are willing to pay more for apartments that are automated. In a Wakefield Research and Schlage survey of 1,000 renters, 86% of millennials indicated that they would pay more for keyless access. Keyless access allows renters to enter their properties using an app on their smart phone. The system still works with traditional keycards and fobs as well, but renters can access their units utilizing the app. Users can grant a temporary access code that dog walkers, house cleaners, and guests can type into the lock in order to enter the property
This kind of property automation allows renters and landlords to grant temporary access to real estate agents, dog walkers, delivery personnel and trades people without physically being on the property. With online shopping increasing in popularity, this is an attractive option for renters who don’t want to miss deliveries.
Energy efficiency is a key factor in attracting new tenants, and you can include this in your marketing materials. Many tenants are concerned about their carbon footprint and actively seek apartments and properties that are eco-friendly. A smart thermostat can be programmed to individual needs to turn down your heat and AC when you are away at work or sleeping.
Be sure to mention in your marketing materials that smart thermostats help reduce the electricity used on heating and cooling which not only improves a tenant’s impact on the environment but reduces their energy bill.
Three out of four renters would pay more for smart home technologies that made their homes safer. Keyless access and security cameras help renters see who is at the door, even when they aren’t home.
Home security cameras can be operated remotely through Wi-Fi enabled devices. That means renters can see who is at the door or check up on their kids and pets from their phone and other devices. Remote access means they know who has had access to their home. With no on-premises computer systems to maintain, cloud-based technology is more robust and less likely to be hacked.
With 86% of millennials willing to pay more for property automation and with greater remote control for landlords of multiple properties, smart technology is a no-brainer.
Including these features in your marketing material will allow you to increase rental prices and attract a higher caliber of renter.