It wasn’t that long ago that smart home technology seemed like something out of a sci-fi film.
But if you’ve checked out the space, you know the smart home era is here…and it’s growing.
According to research firm Statista, revenue in the smart home segment could reach $154.4 billion this year. It could grow at a 10.67% compound annual growth rate to reach $231.6 billion by 2028. So, people are getting comfortable with the smart home concept.
Adding smart home features to your rental property can differentiate your offering from other options on the market. Going this route may also warrant charging more for rent. That said, you should consult a property manager in your area for guidance on appropriate rent. You need a property management firm in Dallas, for instance, if you have a rental property in Dallas.
Here are five smart home technologies to consider adding to your investment property.
1. Smart Security Systems
Consider adding smart home security systems in your rental units. The crime rate may be a concern depending on where your rental property is. Equipping rental units with smart home security systems makes sense.
On the one hand, such a system will deter criminal behavior since bad actors prefer easy targets. On the other hand, such a system can help prevent a break-in or capture evidence that the police can use to apprehend the guilty party.
2. Smart Lighting
Another feature that will interest tenants is smart lighting. Once installed, tenants can use their smartphones to turn the lights in any room on and off. And they can do this whether they’re at home or elsewhere. That’s one way to make it look like someone’s home even if no one’s home.
Smart lights are also efficient since they use LEDs. One source notes that LEDs last 15 or more times longer than traditional incandescent lightbulbs and use up to 90% less energy.
3. Smart Locks
Yet another feature tenants will appreciate is smart locks. If you’ve ever misplaced your house keys, you know how frustrating that can be. However, if you install smart locks on your rental units, tenants can lock and unlock their doors remotely using their smartphones.
Smart locks allow for keyless entry. That can be advantageous if, for instance, a tenant wants a dog walker to walk their dog and return it afterward. There’s no need to give the dog walker a key. The tenant can remotely unlock and lock the door so their pet gets out to do its business.
4. Smart Thermostats
According to Grand View Research, the worldwide smart thermostat market was worth an estimated $4.42 billion last year. It’s on pace to grow at a 17.8% compound annual growth rate from this year to 2030. Smart thermostats offer a ton of benefits. For example, tenants will enjoy savings, remote control, and better interior comfort.
Operating smart thermostats using smartphones means tenants can remotely check the temperature and adjust it as necessary.
5. Smart Vacuum
Another smart home perk that tenants will love is a smart vacuum. Tenants can use them to save time, multi-task, and clean efficiently. Remember, also, that smart vacuums are small and won’t take up much space.
Tenants can set them up to clean at specific times — even if they’re not home. Mordor Intelligence reports that the robot vacuum cleaners segment is worth an estimated $5.46 billion this year and could be worth $10.37 billion by 2029.
Consider these smart home options. By incorporating them, you can increase the value you offer tenants and set your investment property apart from the competition.
