Smart Rent Benefits

Adding smart technology to your rental property can boost ROI by attracting tech-savvy renters. Smart features like programmable thermostats and trash cans that generate grocery lists make your units more appealing to younger renters who are willing to pay a little more for convenience.

Smart touring solutions help managers increase tour volume, enable self-touring, and keep valuable showcase units secure during tours. Rently’s solution also captures renter interest to create a waitlist that becomes a free lead source for leasing teams.

1. Save Money on Utility Bills

In addition to lowering energy costs, smart home devices can also save money on monthly utility bills for renters. This can be especially helpful for older units where a new smart thermostat and other smart device upgrades can lower energy expenses by over 30 percent.

Smart energy monitors can also reduce disputes among tenants over bill spits by providing granular, real-time data on electricity usage, down to the appliance level. This data can be used to customize how energy is charged, which in turn helps landlords and property managers create more sustainable rental properties that appeal to eco-conscious renters.

SmartRent offers a wide selection of smart home devices for multifamily rentals, for-sale homes, and commercial properties. Its solutions enable owners, managers, and residents to manage smart devices remotely with a single platform. These include smart hubs, locks, sensors, and more. SmartRent’s products and integrated software can be implemented into new construction, retrofitted communities, or incorporated into existing buildings.

2. Convenience

Smart devices can help renters monitor and control utility costs. As utilities are typically included in rent, tenants can benefit from a system that monitors energy usage on a room-by-room basis and improves efficiency with smart plugs or a smart thermostat.

Despite the benefits, some residents are concerned about privacy and security. According to CNET, some tenants are angry about their landlords installing smart tech in their homes without giving them the option to opt out. Robert Lang, an apartment renter in Denver, said he didn’t want SmartRent’s door lock in his home because it sends PINs to residents’ smartphones and emails, which puts them at risk of SIM hijacking and more than 2 billion leaked credentials online.

Regardless of whether they’re using it to manage their personal or professional lives, smart technology has become an expectation for many tenants, who are willing to pay more for apartments that offer these devices. Consider implementing smart rental solutions to attract this market and enhance your ROI through rent increases and leasing efficiency.

3. Security

Whether it’s a fire or a break-in, safety is one of the most important things to consider for renters. Smart apartment upgrades improve safety by providing alerts when suspicious activity occurs and giving residents peace of mind at all hours of the day.

SmartRent offers a variety of smart solutions for multifamily owners and operators including community WiFi, smart locks, thermostats, and sensors. SmartRent’s integrated platform connects the devices and integrates with property management and CRM tools to allow for easy implementation and remote monitoring and control.

SmartRent’s Community WiFi solution increases NOI, reduces future connectivity costs, provides 24/7 support for site teams and residents, and features an end-to-end white-glove implementation with hardware installation and service. SmartRent’s smart lock solutions offer keyless entry into apartment units and homes to accommodate maintenance team members while reducing resident wait times and improving security. They are also simple to reprogram between tenants, minimizing turnover costs. SmartRent’s sensors can also provide valuable data on energy use, helping owners and managers identify areas for saving money and increasing ROI.

4. Convenience

Smart devices allow residents to do more without leaving the comfort of their homes. From managing their own thermostats to turning on and off lights through their smartphones, the technology helps save energy and time.

Utility monitoring and control is another popular feature in smart rentals. Because tenants cover the cost of utilities in their rent, this is a great way to cut costs and improve home efficiency. For example, installing smart plugs that remotely control electronics, or a smart thermostat with integrated HVAC optimization.

Landlords should make sure they communicate the benefits of smart rental devices to prospective tenants, while also addressing concerns about security and privacy. For instance, when allowing smart lock installation, landlords should be clear about the extent to which they will have access to tenant information. And if the property has installed smart sprinkler systems, they should be honest about how they work. For example, if a smart sprinkler system only turns on water when it is needed, that will help reduce water bills.