Real estate investors want to increase the value of their assets. These are some of the best ways to improve a home’s value by updating the kitchen, painting it, and putting hardwood flooring. However, if you mistake or add the incorrect thing, your rental property’s worth may not increase.
Increasingly, tenants are looking at rental units that have innovative technology. It’s just a matter of time until demand outstrips supply for these amenities among younger tenants.
If you want to return on your rental property investment, explore the following innovative home technology options.
5 Tech Upgrades for Your Rental Property to Increase Your Return on Investment
1. Smart thermostats
Because of the high costs of home cooling and heating and the unpredictability of weather patterns, installing a smart thermostat in your rental properties may help you attract more renters and boost your return on investment. To control the temperature of your home remotely, you’ll need a Wi-Fi-enabled smart thermostat.
In addition, a smart thermostat can learn the daily patterns of its users and design a heating and cooling schedule accordingly. The thermostat may also be linked to voice-activated personal assistance, which can make life easier for your tenants and save energy costs.
2. Smart surveillance and video monitoring
Renters want to feel protected, and you can provide them that sensation with intelligent security and video monitoring. Install surveillance cameras inside and outside of your rental property’s various rooms. Renters may then use their mobile phones to see the live broadcasts and keep tabs on what’s going on.
You should be able to zoom, pan, and use night vision on your cameras. Motion sensors, audio recorders, and sound detection are all included in smart cameras in addition to video surveillance.
Because of this, tenants may configure the smart cameras only to notify them if they detect sound or movement.
3. Smart door locks
When renting a home, security is an essential consideration for tenants. On the other hand, intelligent locks may enhance resident experiences and operations while still generating a healthy return on investment.
Using an advanced access management system with intelligent locks may save time and money. If you don’t have to manage physical keys for renters and maintenance personnel, you may save thousands of dollars a year in the process. Having this in place will free up your managers’ time to concentrate on other productive endeavors.
4. Smart appliances
Even while intelligent appliances may be expensive, they may not be the best location to start looking for a good return on investment (ROI). It’s worth considering smart appliances if you own a high-end property and want to provide your tenants with a luxurious experience.
In addition, energy consumption may be reduced and occupants’ time saved through intelligent appliances like intelligent washers, dryers, and dishwashers. Your renters will be able to use their smartphones to operate these appliances, giving them a piece of mind.
When a person isn’t at home, they may, for example, make sure the stove is off.
5. Smart carbon monoxide and smoke detectors
Installation of these devices is required in specific locations, even though landlords are expected to do so for their tenants’ security. Smart CO and smoke detectors, on the other hand, may enhance ROI while also protecting your renters. Renters may get notifications from these gadgets no matter where they are. The alarm may be easily turned off if it goes off by mistake.
Tenants and prospective renters alike are eager to get their hands on the latest innovative home technology. There are more opportunities than ever for investors and property owners to provide cutting-edge technology in their residences.
Consider the aforementioned intelligent home enhancements as a starting point.