The Benefits of Installing a Smart Thermostat In a Rental Property
Nowadays, most homeowners go crazy at the idea of home automation. From light bulbs to speakers and even door locks, more and more tech-savvy homeowners are turning to smart home technologies. However, we’re here to talk about one technology in particular: smart thermostats. If you choose to scroll through, we’ll discuss the benefits of installing a smart thermostat in a rental property.
What Are Smart Thermostats?
Just like every other smart home technology, smart thermostats do what traditional thermostats do, but better. Confused? Let’s break it down for you.
Smart thermostats are engineered in a manner that your tenants can predict and set the temperature of their home based on the time of the day, weather patterns, and of course, usage. Small things like that can help you improve the relationship with your tenants. Granted, this technology may require a significant initial investment, but they lower heating costs in the long-run and help save energy.
How does this technology benefit landlords? Let’s find out:
Benefits For Landlords
Premium Amenities Attract and Retain Tenants
Tenants have a lot of alternatives in housing markets. Therefore, it can be quite challenging to retain the best retainers. Keeping this in mind, it is pretty obvious that smart tech is a very attractive option for renters and simple things like that can start to attract more attention and leads from your rental properties. Buildium found that 71% of all millennials and 55% of baby boomers would be interested in renting a home with smart home tech.
Similarly, if your renters are considering not renewing their leases and looking for better options, smart thermostats may convince them to rethink their decision. This will be especially true for residents that follow energy-conscious and sustainable lifestyles since this technology is more eco-friendly than its traditional counterparts.
Opportunity For Higher Rent
Buildium’s survey also published that as many as 23% of renters believe that smart home technologies are worth paying higher rent. Sure, the highest-paying renters might prioritize in-unit dryer/washers, private patios, or balconies, but smart thermostats are a lot easier to install and have numerous benefits.
When the smart thermostats have been installed (which, by the way, are compatible with most HVAC systems), they could also convince renters to stay even after they receive a rent increase letter. All you need to do is justify how they will save up on energy costs (if they pay for utilities) and, perhaps, even add an analysis from the utility company.
Save On Utilities
If you own multi-family properties, you might find it difficult to divide heating bills among your tenants. If this is the case, then smart thermostats can make your life so much easier. Smart thermostats can help summarize your total energy usage across a list of properties.
You see, these gizmos not only make your rental properties’ energy-efficient but also make it possible for you to control heating remotely. On the other hand, if your tenants aren’t using heating or cooling systems, you will still be able to monitor your costs and make adjustments to save on utilities.
Similarly, if any rental unit is vacant, you wouldn’t be worried about the costs of wasting energy, even if you own more than one property.
At this point, it should be very clear that a smart thermostat is a very good option for your rental properties. However, the real challenge is to determine which smart thermostat fits bets with your budget and your rental property.
Of course, with all the financials and daily activities you’re juggling, we’d recommend that you’ll be better off entrusting this decision to your property manager. Don’t have one? No problem, our holistic property managers will assist your will renovations and help make your rental property the most competitive unit in the market.