Tips for Maximizing Rental Income With Smart Tech Upgrades

Today’s landlords are turning to smart technology to maximize rental income and reduce vacancies. Upgrading your rental property with smart tech will make it more attractive to potential renters by reducing energy bills and creating convenience. The best part is you can charge a premium for these upgrades.

Whether it’s an energy-saving appliance or a convenient security system, smart tech upgrades can boost your rental income and increase tenant satisfaction.

Follow these tips to get started.

1. Hire a property manager to help with your overhaul

Setting up a rental property with smart tech can get complicated when you aren’t sure what to install. For instance, there are hundreds of gadgets and appliances on the market. Some of them are expensive, and some aren’t important to tenants.

If you aren’t sure what tech is in high demand, a professional property manager can help. An experienced pro will know what tech tenants want most, and will advise you on what to skip. For example, Green Residential – a Houston property management company – helps local investors make their properties more enticing to renters, which includes smart tech upgrades. They know tenants want practical smart tech (like thermostats and lights) over luxuries (like a refrigerator that displays the contents when you tap on the glass). If you aren’t aware of this, you could spend too much on non-essential appliances.

2. Install a smart thermostat

When it comes to what smart tech renters want most, smart thermostats are at the top of the list. In fact, a 2021 National Apartment Association survey found that 70% of renters would pay an additional $25+ per month just to have a smart thermostat. The potential cost savings are significant, and people want to save money on their monthly energy bills.

With a smart thermostat, tenants can adjust the temperature through a smartphone app even when they aren’t home. If winters are cold enough to reach freezing temperatures, a smart thermostat is an investment that will keep your pipes from freezing even if your tenants are on vacation.

3. Upgrade to smart locks

Many tenants, especially millennials, love smart locks because they’re convenient and easier than fumbling around with keys. While smart locks work electronically, they typically come with an option to enter a physical code as a backup, ensuring your tenant won’t be locked out of their apartment if the power or internet goes down.

Keyless entry via smart locks can be powered by a smartphone app, a simple key fob, or even biometrics.

4. Install smart lighting systems

Smart lights are one of the most convenient, useful smart tech upgrades you could make to your rental properties. Not only do smart light bulbs last longer than traditional incandescent bulbs, but they use less energy. Some studies have shown that smart lights can reduce lighting costs by 35%-70%.

When your rental property has a series of smart light bulbs installed, the tenant can use their smartphone or voice assistant to turn the lights on or off, and adjust the brightness and color to suit their preferences. This can be done from anywhere in the world, which appeals to tenants who want to make it look like someone’s home while they’re on vacation.

5. Install smart water leak detectors

Sometimes accidents happen and you end up with a water leak. You might have a leaky pipe in the ceiling, a hole in the roof, or something else. However, you may not know about the leak until time has passed and there’s significant damage. Smart leak detectors can save you hundreds and even thousands of dollars by shutting off the water supply and alerting you to a leak at the first sign of trouble. As a bonus, some insurance companies offer discounts for installing leak detection tech.

6. Install smart smoke and carbon monoxide detectors

Smart smoke and carbon monoxide detectors provide real-time alerts through a smartphone app and have self-testing capabilities. Both you and your tenants will get an alert on your phone if there’s an emergency.

7. Provide smart blinds on the windows

Smart blinds or shades are a great way to save energy more easily. These blinds automatically adjust based on the level of sunlight, reducing energy costs. These blinds can be controlled through a smartphone app or voice assistant, like Alexa, and can be programmed to open or close at set times.

Embrace smart tech for long-term gains

Upgrading your rental properties with smart tech is a wise investment that can produce returns long-term. With an increase in monthly rent, it won’t take long to recover your initial expenses. In the end, you’ll attract higher-quality tenants who are willing to pay more for convenience. Smart tech upgrades are an excellent way to maximize your profitability.