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Add Value to your Rental Property by Converting it to a Smart Home

These days, virtually everyone is looking for ways to simplify their lives. While property owners may have incorporated smart technology into their own homes, many of them haven’t considered doing so in their rental units. However, converting a regular property into a smart home could provide landlords with more profit than they think. Below are a few options that landlords can consider when upgrading their properties to smart homes.

Smart Thermostats

These devices don’t only provide tenants with higher levels of comfort and customization; they provide additional benefits in the form of lower energy bills – regardless of whether the tenant or landlord covers this expense. Smart thermostats are also extremely handy for times when a property is in between tenants because they can be adjusted remotely.

Smart Lighting

Home lighting that can be customized has become extremely popular because it not only helps reduce energy bills; it allows inhabitants of a property to remotely adjust the lighting in a home from anywhere as well – no more arriving home to a dark front yard, for instance. Automated lighting scheduled can be pre-programmed to suit each family member’s preferences in various rooms as well.

Smart TVs

As more and more families are cutting the cost of cable, it makes perfect sense for landlords to provide a smart TV in a rental property. This will allow existing tenants to take advantage of online streaming services, and it could prove to be a great motivator for attracting millennial renters. Landlords will have to stipulate whether the tenant will be responsible for the cost of any streaming services or whether it would be included in the rental payment.

Smart Home Automation Setups

Smart home automation systems not only make life more convenient for tenants; they can be a lifesaver for landlords who own or manage several properties as well.

These systems allow tenants and landlords to remotely unlock doors for deliveries or maintenance crews to do repairs, and they can help reduce energy consumption as well because items such as lights and appliances can be turned on and off through an app. For example, tenants can take advantage of cheaper energy rates at different times of day by programming appliances to only run during those times.

Smart Security Systems

Any landlord who has vacant properties knows how stressful it can be to monitor and physically inspect them regularly until they become tenanted. Smart security systems can be used to notify landlords or tenants of any types of intrusion or disturbance on a property, which can enable a security company or law enforcement to be dispatched immediately.

Although landlords may think it will be too expensive to install smart devices in their rental properties, the truth is that they will add substantial value and make a home far more appealing to the right tenants. If you’re a landlord who is considering installing smart devices in your rental units and you need to obtain financing to do so, contact our team today to see how we can help you.


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