You’ve probably heard the buzzword ‘sustainability’ a hundred times already this year. It’s a hot topic and a necessary next step for property managers to attract residents and boost occupancy, especially since 59% of consumers admit they’d boycott businesses failing to show environmental prioritization over the next year.
So, how do you make your multifamily unit environmentally sustainable? And will it cost you more to invest in these eco-solutions? In the short term, yes. But long term you’ll benefit from lower maintenance, operational, and energy costs – which will help with the rising price of energy.
You’ll also benefit from attracting a wider range of occupants, streamlined business processes, and increased net operating income (NOI). Plus, 86% of the largest living generation (Millennials) are willing to pay more for a smart rental in the US – some even up to 20% more! So, what have you got to lose?
6 ways to boost rental sustainability with smart home tech:
Reduce energy consumption
Join the 33 million North American households who use smart thermostats to reduce their energy usage by up to half. It might sound simple, but fitting smart thermostats to your properties will make a huge difference. The monitoring technology uses automatic systems to heat rooms only when necessary and not when they’re empty, meaning you’ll benefit from increased energy efficiency, reduced environmental impact, and lower heating costs!
Save on costs
With a smart thermostat you can save money on HVAC maintenance repairs as the automated software alerts you of issues in real-time – avoiding costly routine check-ups that aren’t needed, and informing you of small issues before they turn into big problems.
Another automated tech solution for safeguarding your properties from costly damages, and unexpectedly high bills, is water management software.
Water monitoring systems use sensors to immediately notify you of leaks, meaning you can stop issues before they escalate. With the use of high-quality hardware, including shut-off valves and innovative tech, this tech can automatically adjust based on property occupancy.
It will shut off the water supply when properties are empty, drastically reducing the risks of mold in your properties, so you can keep your residents safe, as well as the risks of bursting/freezing pipes.
The younger generations are very switched on to the needs of the environment. Soon, even the youngest of Gen Z will be looking to rent their first home, and studies have shown their main personal concerns are climate change and protecting the environment. So to appeal to the new residents on the market, install energy-efficient smart home technology in your long-term rentals. And don’t forget to communicate your sustainability initiative in your listings.
Millennials and Gen Z are also very tech-savvy, having been brought up alongside the boom of the internet, they’re hyper-connected to everything so will likely be attracted to homes fitted with convenience boosting technology that they can adjust with the tips of their fingers through their phones.
Boost operational efficiency
Property management software (PMS) systems take the hassle out of asset management by allowing remote monitoring and control over every single one of your properties in one easy-to-use app. Add seamless integrations to streamline the running of your properties and provide your residents with the most up-to-date tech solutions for driving energy efficiency.
When connected to automated tech PMS offers increased safety and operational efficiency to you as a property manager, and to your residents. They’ll feel more secure in the home, and with the rental’s pre-installed ready-to-use smart home tech easily controllable from a single app they can experience a greater level of convenience during their stay, for example, pre-heating a room before arrival.
Make more profit
The demand and willingness to invest in smart homes have been documented across multiple countries, including the UK where residents have said they’d pay over one thousand pounds more a year for a home with integrated smart features.
Give residents what they want with keyless direct access to rental properties to minimize human contact and therefore risk of infection, and more control over their stay.
Did you know this smart home tech also helps you streamline your business? Keyless locks take away the need for an around-the-clock manned reception desk, meaning you can redistribute valuable staffing hours into another part of the business.
Sustainability is more than environmental impact, it’s made up of many moving parts. Proptech solutions help you succeed across the board, with increased environmental efficiency, boosted occupancy, and operational efficiency to improve the bottom line.
It’s thought that by the end of the year, the US will have 63 million tech-connected homes. Be part of the trend and make your properties more eco-friendly and efficient with our tech solutions. Find out how here.