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Is It Smart to Install Smart Devices in Your Rentals?

If you’re an independent landlord, you’re likely looking for ways to increase the marketability of your real estate investment on a budget. There are a variety of updates you can make, but adding smart devices in your rental is a popular choice! This is especially true if it makes the tenant’s life easier.

Let’s take a look at the good and the bad when it comes to upgrading your rental.

Pros and Cons of Installing Smart Devices in a Rental

When choosing to add smart devices to your rental, you should have a clear idea what you’re getting into. Below we’ll cover the pros & cons and what adjustments you may need to make for your tenants.

Pros

  • Appealing, High-Tech Homes

Tenants today love high-tech features. The key is making it work for them. Focus on installing upgrades that will save them money, provide better security, and make life easier.

  • Sustainability

Smart devices can help save your tenant money and time. Look into options that will make your tenant’s life easier, giving you an advantage amongst your competition.

  • Increased Security

Give your tenants peace of mind as well as convenience. Smart security upgrades can provide property-wide protection. Certain upgrades can also alert your tenants to issues such as costly water leaks!

Cons

  • Investment Cost

On the other side of the coin, initial installation cost can often be higher than the original models, though this may be offset if your market allows for higher rent costs.

  • Perceived Security Concerns

If you install mounted security cameras, potential dangers aren’t the only things that they’ll pick up. You may have a tenant that is uncomfortable with the video and audio being stored outside of their control. It’s an understandable privacy concern that will need to be disclosed.

You may be able to come to a compromise where they receive access to the feeds during the duration of their tenancy, but you may also need to have a contingency plan to deactivate any upgrade that may store audio or video recordings if the tenant is uncomfortable with it.

The Most Popular Smart Devices for Rental Homes

Let’s say you’ve decided you do want to upgrade to smart devices. Where do you start?

There are many devices that your tenant may bring into the rental with them. Of course, these will leave with them as well. If you’re investing in a smart device upgrade, you should focus on what will bring value to your rental for years to come.

Focus on installing devices that can transform security, utility, and convenience of the property itself. Below, we’re going to take a look at some of the most valuable upgrades and the benefits they bring.

Smart Thermostat

Utility bills can put an unexpected strain on your tenant’s financials. A smart thermostat can drastically increase the energy efficiency of heating and cooling the home, saving your tenants on the electricity bill. They also increase the convenience and comfort of the home with adaptive schedules and responsive routines.

Smart Locks and Garage Door Opener

Smart locks increase the security of a home. These will allow access to family members through phone app as well as allow temporary access for friends and scheduled services.

Smart garage door openers can be installed on a garage or even a security gate to allow your tenants to open up the door when they’re still down the street, making it easy to drive right in.

Both devices are designed to set up a nightly lock-up routine that automatically locks doors and secures the garage after dark, making the entire rental more convenient and secure.

Video Doorbell

A video doorbell can be wired in where a traditional doorbell might be. It provides front porch security and serves as a handy intercom where the residents can chat with visitors and delivery personnel waiting at the door.

Smart Sprinklers

Upgrading the sprinkler system is a popular smart home upgrade that makes lawn care both easier and more water conservative. Smart sprinklers can be programmed to water specific areas of the yard, only water on the approved days, and only at night to reduce evaporation without manual oversight.

Getting Started with Smart Home Upgrades

If you’re just getting started on smart home upgrades, where is the best place to start?

The best introductory smart home upgrades for a rental home are a smart thermostat and smart sprinklers. These features are sustainable, convenient, and are easy for any tenant to get the full value from whether or not they have a smart home system. They do not include recording features and they will lower your tenant’s utility bills and carbon footprint at the same time.

If you install smart locks, be prepared to walk your tenants through taking control of the locks and how to use them. And keep emergency unlock access just in case your tenants forget their codes, their phone dies, or other problems that can be solved with a quick signal from your account.

If you install a video doorbell, provide the ability to disable the recording features and let it function like a normal doorbell just in case that suits the preferences of your tenants. 

You may also want to install a few small upgrades like moisture detectors below key appliances which will help you detect leaks as soon as they begin.

Planning for Rental Home Upgrades

Keeping your properties up to date and desirable requires routine upgrades.

Smart home features are a great addition to many upscale properties and will be appreciated by your tenants. You can install them in a suite or one upgrade at a time.

Keep track of your rental property upgrade and maintenance schedule with a convenient management platform like Prisma Landlord. Contact us today to explore how our platform can help you optimize every rental home in your portfolio.

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