How to Make Your Property Tech-Savvy
By Jacob Lundquist
The United States is an increasingly technology-focused country: nearly 90% of people in America use the internet, and nearly 80% of Americans have a smartphone, according to Pew Research data. Similarly, For Rent’s data suggests that over 90% of renters use internet listing services to see property listings and view their amenities.
These findings spill over into the area of apartment renting, as millennials are overwhelmingly willing to pay more in rent for “smart” technologies (with 86% saying they would pay more). We’ve previously discussed the importance of using digital marketing strategies; new research suggests that the technology in the apartment itself is just as important as your tech-savvy marketing approaches.
- Energy efficiency. We’ve explained the importance of green technology as a point of interest for many buyers. Not only is energy efficiency a great draw for new customers, it also brings in tons of savings for you as the property owner.
- Smart technologies that save energy and money tend to be the most popular. Surveys show that smart devices like thermostats and lighting that can decrease a renter’s payments are the most attractive, with one-fifth of renters valuing them positively. Certain models have been shown to save as much as 12% of the previous electricity bill, and therefore pay themselves back quickly.
- It’s important to note that condo renters are the most likely to want smart home technologies, followed closely by apartment renters. Smart thermostats are considered more appealing than lighting, as the savings for the former are larger. Therefore, you should base your investments on your potential buyer.
- So-called “connected home” technologies, which integrate smart computing devices into the house or apartment itself, are becoming increasingly popular. Gartner data shows they have a relatively low popularity of about 10%, and are expected to become mainstream within five years. The most popular connected home tech is the use of new security alarm systems.
- Security systems upgrades are favorably looked upon and can help both landlord and tenant, since they guarantee the tenant’s safety more than old methods. New, high-tech lock systems can give possible buyers or renters a better sense of security and community, as well as allow for higher rent amounts and rental rates.
- Finally, technology can help you as a landlord or manager. For instance, ‘smart’ sensors can be used to monitor water levels or moisture, and prevent property damage from relative humidity and similar problems like mold or allergens.
It’s never too late to start investing in ultra-modern technological features in your properties, whether rental or otherwise. Though condo buyers are the most likely to want smart technologies, all buyers view them positively and are willing to pay more in rent for the added security and benefits of a connected property.