The demand for short-term rental properties in the USA has been growing significantly and is expected to increase a further 14% this year. As expectations continue to rise, prospective guests are willing to pay top dollar for accommodation that suits their needs, which includes another rising industry trend: smart home technology.
Guests want convenience. And with the right smart home technology stack, it’s easy to meet these demands cost-effectively and quickly.
Now is the time to make last-minute renovations to your short-term rental properties, so you are ready to welcome guests before the summer season kicks in. Help your properties stand apart from the crowd of competing listings, increase booking conversions, and maximize revenue by appealing to a more diverse set of renters.
Your time is valuable. In this post, we share ways you can renovate your properties in under a month and position yourself to have a better-than-expected summer rental season.
3 ways to upgrade your rental with smart home tech
When you hear the word ‘renovation’, you probably think of two major negatives: expense and time. Luckily, you don’t need to tear down walls to modernize your short-term rental properties. Instead, identify the demands of your guests and seek tech solutions that tailor to these needs.
Here are a few ways in which smart home tech can increase the appeal of your property:
1. Boost energy efficiency: According to the Bureau of Labor Statistics, electricity tariffs shot up 11% year-on-year this January. Connecting to a smart thermostat can lessen the blow of tariff increases by minimizing unnecessary energy usage.
By automating your heating/cooling system (HVAC), you not only conserve electricity but also offer guests the convenience to pre-heat/cool the living spaces on their smart device prior to arrival.
Similarly, consider connected lighting and other smart devices that access the guest’s usage patterns and automatically switch off and on, to save electricity.
2. Go contactless: Guests today have heightened expectations of rental cleanliness and overall health. According to Evolve’s 2022 Travel Trends Forecast almost a quarter of surveyors see cleanliness as the most important factor in their travel decisions.
This is why it makes sense to install smart locks that protect your property and its inhabitants. Keyless doors make checking-in and checking-out of properties a breeze by giving renters frictionless smartphone access to your properties. There’s no risk of losing keys or being locked out. And unnecessary face-to-face interaction with staff can be avoided, a small detail that your guests will appreciate.
Smart locks increase the security of your properties too, which benefits both you and your guests. The automated software will instantly notify you of any unexpected entries to your properties.
3. Improve property operations: Being completely in charge of all the operations in your property’s lifecycle can be time-consuming. This is why you need a single-family rental management platform that seamlessly integrates disparate systems. These platforms allow you to manage and monitor everything, from the smart lock usage to the rental’s energy consumption, to home security, all in one easy-to-use app.
That’s not all, preventative technology can predict equipment failure, and therefore reduce bothersome interruptions during a guest’s stay. And since small issues detected early are easier to fix than bigger issues, preventive maintenance also optimizes maintenance costs. For example, automated monitoring can save you around $250 per home annually on HVAC maintenance.
Another often overlooked advantage is that all smart devices can be managed remotely over the internet, saving property managers a trip to the property.
Smart IoT enabled devices are one of the easiest ways to make your property stand out while also improving your renters’ experience. You don’t need to break the bank either. Most smart devices are cross-compatible with each other.
If you delay your renovations then you may risk having to take your rental property off the market during peak seasons. Prioritizing renovations while your property is empty is the most efficient way to optimize time and profits.
As tech products are so easy to install, all the property upgrades covered in this article can be added to your property in a matter of weeks—if not less—so why wait?