There is an ongoing change in the single-family rental home market, and long-term renters are driving these changes. Like many people, from millennials to seniors, find themselves not able to or not willing to purchase a home nationwide, large numbers are turning to long-term rentals instead. Thus, renters, these days have particular expectations regarding the types of smart technology they will find in single-family residences.
Some tenants prefer smart devices provided by their landlord, from high-speed internet to smart thermostats to security systems. Nevertheless, will the pros outweigh the cons when upgrading your Grafton rental homes to charm these renters? The answer to this question will hinge on plenty of reasons, from the location of your rental property to the anticipated return on the upfront costs.
The Benefits
Smart devices have the potential to make a rental home more efficient, more secure, and more convenient. Rental homes that are smart technology-ready may appeal to a certain fraction of likely renters. For instance, a smart thermostat can make managing heating, and cooling costs much easier, reducing wear and tear on air conditioning units and furnaces as well as lowering utility bills.
Adding sensors and cameras to doors and windows can make sense in certain areas where there is an awareness of crime as problematic, adding a sense of security that might fascinate renters who would then be turned off by the location. Smart locks can make gaining access to your rental homes and providing a secure transition for new tenants easy. No more changing the locks or emergency calls to a locksmith; you can simply change an access code to control who has access and who doesn’t.
If the home that you are renting out is where a large number of workers and students are, then upgrading your rental home is a workable idea. A rental with smart devices tends to be more tempting in these locations, thus making a move to increase your rent to compensate for the upfront costs easier and realistic.
Potential Drawbacks
Granting smart devices present plenty of many benefits to property owners and tenants alike, the potential drawbacks are still worth considering a second look. Possibly the main limiting factor for property owners when considering a smart device upgrade is the cost. Most smart home technology devices aren’t too expensive by on their own, but then again, the price tag does increase a rental home’s overall cost so taking the time to study the move is the best strategy. Many devices work as a coordinated system, meaning you might not be able to do the job one upgrade at a time. Moreover, not all areas will welcome the idea of hiking the rent that you might need to recover your costs, so being able to know and understand your specific market for each rental home is crucial.
One other concern is the quality of the Wi-Fi in your area, and administrative access, which is a requirement for the devices to work correctly. Many smart devices rely on wireless internet to function, and so if the signal is weak or drops, it may seriously interfere with the functioning of any smart device. In locations where geography or distance cause connectivity problems, smart devices just might not work as promoted and result in an overpriced blunder.
Though numerous renters are tempted to use smart home technologies, such features may permanently keep away other renters due to security apprehensions. Many are suspicious of automation; we’ve all gotten wind of horror stories regarding digital devices being hacked and our privacy exploited. Whereas these occurrences do not happen often, some potential renters may not welcome the risk and look in a different place.
Eventually, it is up to each Grafton property owner to limit whether upgrading their rental homes to include smart devices is worth the cost. Such decisions must involve good market data and detailed knowledge of a rental home’s area, both of which we at Real Property Management Metro West-Worcester can provide. With our experience and data tools, we can help you work out which, if any, smart devices would be money well spent on your rental homes. If you still have questions or want to know more about Real Property Management Metro West-Worcester, contact us online or by phone at 508-329-6000 now.
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