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Should I Invest in Smart Technology for My Rental?

Should I Invest in Smart Technology for My Rental?

Smart technology has come a long way since it first emerged back in 2015. And while during its early development, owning a smart home may have seemed more of a luxury, today it has become more accessible and affordable for nearly any budget. It should come as no promise that a growing number of property owners are also adopting “smart” devices to make homes more secure, efficient, and convenient.

As home security, thermostats, cameras, lighting, and several other smart features have grown, so has renters’ desire to live in a smart home. With today’s ease of installation and convenience of home automation, more property owners are eager to please renters willing to pay for smart homes.

So what are some Smart Home options?

Home Automation for a Safer Home

Security systems give renters peace of mind from unwanted intrusions. Cameras and sensors can help prevent major repairs, like leaky pipes or old electrical wiring.

Smart Locks

Even if you’re not looking to install a full home security system, you can add a security device like a smart lock. Smart locks offer an easy, convenient way to “change the locks” during transitions between tenants.

Reduces Energy Costs

Reducing energy costs is a great way for landlords to improve their profitability. Smart LED lightbulbs can help reduce energy costs in parts of the property like hallways, entryways, and walkways. These bulbs use far less energy, especially since you can program their usage.

Smart thermostats can also help reduce both energy and waste, while putting you in control of the temperature around the rental property. Even if you don’t control these utilities, having smart home technologies can help attract eco-conscious and millennial renters.

Smart Home Upgrades as an Investment

Although smart home tech has become more affordable over the years, there is still a price to consider. Upfront costs may be higher depending on the type of smart tech products installed, it’s important to remember the multiple savings that will happen over time to help cover these costs. Contact an MGR representative to help you determine which smart products can add value to your rental property.

 

By |2019-11-15T14:23:53-08:00December 3rd, 2019|Property Management Tips & Tricks|0 Comments

About the Author:

The MGR Review is designed to bring you the top news and tips regarding property management and real estate in Southern California. Our near forty years of experience in these industries give us a keen insight on how best to succeed. Let us know if there is a topic you would like us to discuss!

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