Many landlords in Indianapolis worry if installing smart home gadgets in their rental property is a good investment. The short answer is that predicted returns on investment for various smart home devices vary. Therefore, which smart home devices are most appropriate for a rental property? Let’s take a look at those that are in high demand among renters throughout the country.
According to a recent survey, more than 75% of renters are willing to pay a premium for homes equipped with specific smart home capabilities. Over half of these tenants indicated that they would spend an additional $20 or more on smart home features. Renters stated they desired three sorts of smart home devices in particular: safety features, such as smart locks and smart doorbells, were at the top of the list.
Smart locks are devices that let you and your renter secure or get into a home without having a physical key. There are many types of smart locks, but most are unlocked using a phone app or pin code. Indianapolis property managers like smart locks because they don’t have to change the locks every time you move in a new tenant. Smart locks are good for both tenants and property managers.
Smart doorbells, on the other hand, allow tenants to screen guests and keep a watch on who comes and goes from their homes. This security feature might be extremely appealing, particularly to younger adult tenants who enjoy keeping an eye on their homes and valuables.
Another group of smart home devices that tenants want are those that help them keep an eye on and cut down on their utility costs. Smart thermostats, smart light bulbs, and smart plugs are all devices that can be managed using a smartphone app. The thermostat temperature may be adjusted, lights can be turned on and off, and energy to outlets can be turned off using the app.
These gadgets can help save money on electricity while also reducing the risk of fire or other hazards caused by leaving things on. The fact that these gadgets are relatively affordable to install while being a significant appeal for renters is perhaps the largest benefit for property owners.
Finally, moisture sensors are smart home gadgets that provide a lot of value to both tenants and property owners. Water leaks are one of the most common issues that tenants and property owners face. Basements, under cabinets, and behind appliances are all common issue spots where water leaks can form and go undiscovered for long periods of time. Water damage is an expensive fix, especially if it’s progressed over time to the point where wood rot or mold has set in.
Smart moisture sensors can help you detect water leaks sooner and schedule maintenance and repairs more efficiently. Your tenant will be relieved that water damage has been avoided, and you will save money by avoiding costly emergency repairs.
Finally, the greatest smart home technology for your rental property is one which will pay for itself in increased rent or happier tenants – or both. It may also attract a more tech-savvy renter population to your rental property if that is something you’ve wanted to do.
Real Property Management Indianapolis Edge can help you optimize your profits and modernize your rental property. Contact us online today!
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