Smart devices have been making our lives convenient in many ways. Other than smartphones, there are now several smart home devices that can automate functions or make it easier to use them. With these devices becoming more mainstream, it's about time to add them to your rental properties as well.
Smart Home Technology You Can Add to Your Rentals
Smart Locks
Installing smart locks to your rental units will provide keyless entry for your tenants, which can be unlocked through fingerprint scans, remote access apps, PIN codes, card keys, and more. While some say that smart locks have downsides like running out of battery, they can contribute to a seamless experience for your renters.
Smart Security System
Investing in smart security systems can be a good move, especially if it includes features like surveillance, alarms, and other smart home devices that monitor risks like a carbon monoxide detector. It would even be better if all these could be controlled through one hub, depending on the brand and model of the smart home devices you install.
Smart Lighting
Smart lights are becoming more common, especially those that can be controlled via apps. These are readily available even in retail stores like Amazon. Some can be controlled using remotes and apps, or could even have features like motion sensors. It's not very hard to turn on the lights through a switch, but it would still be better to be able to control it remotely.
Smart Thermostat
Smart thermostats come in various models. Some can be controlled through a screen while others can be accessed through an app. Some brands even offer smart thermostats that work with voice control. The best part is that you can control a smart thermostat remotely as long as you have an internet connection, which can help with efficient energy usage.
Smart Speaker
Smart speakers can serve as a hub, especially since many smart devices are already compatible with leading products like Amazon Echo or Google Home. Through voice commands, tenants can control functions like smart thermostats, smart plugs, or other smart home technology that are compatible with the brands.
Smart Home Hub
While smart speakers can serve as a centralized control for smart home tech, you can still install a multi-protocol smart home hub that can work locally in each rental unit without having to connect to the cloud. It can be the safer option and is arguably compatible with more devices than certain smart speaker brands like Google Home.
Perks of Having Smart Home Technology Your Rental Property
Higher Rental Rates
Having smart home technology in your rental units can justify a higher rental rate, given that it provides the convenience and modernity that others do not. This can be a highlight in your listings to provide your rental business with a competitive edge in an evolving rental market.
Safer Dwelling Units
Smart gadgets can offer an advanced level of security that makes tenants feel safer. For instance, a smart lock lets a renter have more control over who can enter their unit due to biometric security. They may also remotely access security cameras to watch over their homes from a distance.
Efficient Energy Usage
With the ability to control smart home technology remotely, tenants are capable of being energy-efficient by turning a smart device off even when they aren't home. If they forget to turn off their smart light bulbs, for instance, they can do so through a hub they can control remotely.
Home Automation
Home automation systems aren't just for those who don't have the time to set everything in place. It can also be a huge help to tenants with disabilities who have limitations with mobility. Smart apartment technology allows tenants to automate or schedule functions like turning lights off at a certain time or changing temperature settings at particular seasons.
Downsides of Having Smart Home Technology Your Rental Property
Compatibility
Some smart tech can be picky when it comes to compatibility. A particular brand of smart TV might not be compatible with some smart home platforms, which means you have to research carefully so you can connect all the devices and enjoy all the smart features from just one centralized control hub.
Limited Battery Power
Other smart devices like Amazon Echo function using a battery source instead of being plugged in, which means that tenants will have to constantly recharge it to keep using its voice assistant. Of course, they can choose to keep it plugged in, but it will limit the places the speaker can be positioned on.
Vulnerable to Hacking
Since a lot of smart technology devices are connected to the internet, they are susceptible to hacking which is an added security risk. This can lead to bad actors gaining access to security system feeds and even control devices remotely.
More Upfront Costs
By adding smart technology to your rental units, you'll see more upfront costs as well as maintenance responsibilities. A smart plug, for example, can cost around $20 each, and you will need more than one for each rental unit. Having a smart home hub installed won't be cheap either, so you have to be prepared for the costs.
Smart Technology FAQs
Are smart home devices easy to use?
They are mostly user-friendly, especially since the main purpose of the devices is convenience. Your tenants won't have to be tech-savvy to navigate them, but it would still be recommended to have a 24/7 line that can assist them when they have concerns.
Do they add to energy costs?
Yes, but not significantly, depending on the number of smart devices in the rental apartment. If anything, some of the devices can save more than they consume, as long as you utilize the devices' features for energy efficiency.
Will smart technology increase the value of my property?
It can significantly increase the value of your property, as well as attract more potential tenants and contribute to tenant retention. Just ensure that the devices are not outdated, as they can quickly become useless if they cannot communicate with control hubs and networks.
What are the potential risks that come with smart devices?
One of the most common risks is privacy breaches, given that some devices lack the security features that can prevent this. You may educate your tenants about the proper practices to prevent this from happening or purchase products from reliable brands.
Hiring a Property Manager for Everything Else
As reliable as smart home devices can be in taking care of your tenants' needs, you still need to perform landlord duties technology can't cover. Between marketing to handling evictions, there's plenty of work to do.
Fortunately, you don't need to worry about that since companies like Wave Property Management can handle your rental business for you. You get to earn passive income while professional property managers take care of everything else, and it all starts by contacting us to learn more!
