Earlier this year, we released our Property Management Insights Report. This extensive research explores in detail the smart property technology landscape within the short-term rental sectors. It covers the hottest technology demanded by guests, and the best opportunities proptech has to offer property managers: whether that’s cost savings or operational efficiency.
The data in this industry report was collated from 1,500 guests with responses from more than 200 property owners or managers. Here’s what we found…
Short-term rental guests demand smart home tech: top stats
- 48% of guests rate property security as their most enjoyed short-term rental property feature. This is shortly followed by rental cleanliness (43%), and then smart home tech amenities (42%).
- 78% of short-term rental property guests are interested in smart locks and smart thermostats, with 59% already having experienced these technologies.
- 73% of short-term rental property guests are interested in smart noise monitoring, with half already having experience with this technology.
- Regardless of past experiences, over half of all short-term rental guests show interest in smart tech solutions, including video doorbells and smart water shut-off valves.
- 84% of short-term rental property guests believe tech-enabled amenities such as smart home devices are important, with 69% rating them highly important.
“Regardless of past experiences, over half of all short-term rental guests show interest in smart tech solutions”
Most enjoyed short-term rental property features
- Security of the property (48%)
- Easy check-in and check-out process (45%)
- Unit cleanliness (43%)
- Comfort of unit temperature (42%)
- Use of smart home tech (42%)
Property manager insights: increase revenue by decreasing inefficiencies
Aside from providing a great guest experience, how does tech adoption help elevate short-term rental property managers’ businesses? Here are 4 reasons why property managers should utilize home automation technology for cost savings:
- Short-term rental property managers rank maintenance, contractor, and service requests as the second highest cost-management opportunity for improvement and savings. This is likely due to tech’s ability to proactively monitor and manage risks before they escalate into costly damages. To find out more, check out our blog on how to make your short-term rental financially sustainable.
- Almost two-thirds strongly agree that smart home tech is equally valuable for operation savings as it is in creating new revenue, due to the streamlining of employee tasks and automation of processes.
- 43% of short-term rental property managers agreed that in-room smart home devices increase asset value. As smart home tech is in such high demand, property managers meeting these needs have the potential to attract more bookers and even increase conversion rates.
- Almost half of short-term rental property managers see savings of +7% on annual operating expenses thanks to the adoption of home automation technology and smart proptech.
“Property managers agreed that in-room smart home devices increase asset value”
The hottest smart home tech trends as ranked by property managers
Smart thermostats ranked as the number one tech tool short-term rental property managers will likely implement in the next three years. This innovation is swiftly followed by smart water shut-off valves and smart access card readers, demonstrating that the sector can expect to see further adoption of tools such as Smart Water Valve + Meter monitoring and keyless entry.
Top 3 takeaways
- Guests now expect smart home tech features in short-term rentals and are willing to pay more for these amenities.
- There’s great value for property managers who adopt home automation technology, including increased rental revenue, streamlined operations, and boosted demand.
- Those implementing features such as smart thermostats, monitoring sensors and shut-off valves, and security amenities like smart locks or identity verification will likely have the upper hand in attracting potential guests in years to come.
Interested in finding out more about smart home tech’s role in short-term rental property management and the guest experience? Read our blog on how tech can transform rental property management, or talk to one of our team members here.