Why More Landlords Are Implementing Smart Home Tech

Why More Landlords Are Installing Smart Tech in Their Rentals.

23:21 29 August 2024

Landlords have been using smart technology to remotely manage their properties for a while, and it’s ideal for those who don’t live near their units. For example, having remote access to door locks, security cameras, and thermostats is helpful for maintenance and security. It can benefit tenants, too, when they need help and you can’t be there right away. For example, if you have a scheduled maintenance appointment, but your tenant has to work, you can let the maintenance crew in remotely instead of driving out just to deliver a physical key.

Aside from the privacy concerns, the benefits of living in a smart home are pretty clear, and that’s why landlords are jumping on this trend. Here are some of the best reasons more landlords are starting to equip their rentals with smart home technology.

1. Tenants expect smart technology

Many tenants expect their landlords to provide them with smart technology and are willing to pay higher rent to get what they want. For example, security cameras with video doorbells are extremely popular because they make people feel safe. When a stranger rings the doorbell, being able to respond from an app on their phone is much safer than opening the door or trying to speak through the door.

Smart home technology has been trending for several years, and it doesn’t seem like it will be slowing down anytime soon. While smart tech started out as a novelty for people with money, it’s finally become affordable for almost everyone to have at least one smart device in their home. For instance, in 2022, 100 million people owned at least one smart speaker, a number that continues to rise each year.

If you can install at least the basics, like a smart thermostat, security camera, lights, and door locks, you’ll have an easier time renting your properties, especially to Millennials. According to the data, smart homes increase tenant satisfaction by making life more convenient.

2. Smart home tech is becoming standard

It won't be long before all properties will come with varying degrees of smart technology, from basic (like smart lights and door locks) to advanced (like refrigerators and washing machines).

Landlords who see the value and stay on top of rental trends are decking out their properties with smart tech, and others are simply following suit. You know there’s something to a trend when highly successful landlords are installing smart tech in their rental units.

The typical smart tech being installed includes:

• Door locks
• Thermostats
• Doorbell cameras
• Security systems
• Alarms
• Electrical outlets
• Appliances
• Voice assistants

Landlords who don’t want to fall behind the times are installing these and other basic smart home devices in order to provide a better experience for their renters.

3. Smart technology is cheaper than ever

As with every new technological breakthrough, the price of smart tech has finally dropped to the point where it’s affordable for basically everyone. Smart speakers can be purchased for under $100, and even smart door locks are affordable. If a landlord has to replace a door lock anyway, they may as well put in a smart lock when they make the repair.

Large appliances are the one exception to smart tech being cheaper. For example, smart refrigerators can cost between $1,500 and $10,000, depending on the model and its capabilities. Some smart fridges offer cool features, like revealing the contents through the door when someone gently knocks on the glass. However, as a landlord, you don’t need to worry about including this level of smart tech in your rentals. Unless you rent luxury properties, you shouldn’t be spending that much money on smart tech for regular rental units. Tenants will certainly damage them, and you’ll be on the hook to replace them when they break.

4. Smart tech can help with maintenance

In addition to smart tech that supports tenants, there are also devices that support landlords, like sensors that detect water leaks by alerting you when water pressure is low. There are a variety of smart sensors landlords can use to monitor problems, and they help to catch issues, often long before a tenant even becomes aware of the problem. The sooner the problem is identified, the faster it can be fixed before it causes serious damage.

Should you install smart tech in your rental?

Now that you know why other landlords put smart tech in their rentals, it’s up to you to decide if you’re going to do the same. As long as you can manage your tenants’ concerns about privacy, you’ll find that most renters will welcome smart tech and be happy to pay a little extra for the added convenience.