Purpose: To explain today's tenant must-have smart features in residential units.
- Top selling points for tenants.
- What smart technology gets units rented?
- Why does today's renter care about smart technology?
Renters are looking for more eco-friendly and smart living spaces. According to Nielson, three out of four millennials are willing to pay more for a product if it is sustainable (2014 survey). Since millennials are the largest renter market, making residential tenant space green is an attractive selling point. As a fellow building owner, I can say with certainty that vacancies and/or poor tenant retention is painful for profits.
What smart technologies can you add that would increase the sustainability, reduce utilities, and attract tenants?
Here are the top three smart technologies that all residential living spaces should include.
1. Smart Thermostat
Smart thermostats can be controlled from anywhere and adjust based on behavioral patterns. In my home, my thermostat doesn't activate until the sensor inside it sees someone is home. Until then, it is set to stay at the "no one's home" temperature.
This saves a lot of money because energy isn't being wasted heating or cooling the space while no one is home.
Smart thermostats save 10-12% on heating and 15% on cooling a year. It averages to $131-$145 annually per unit.
2. Smart Locks
Keep tenants safe, while also allowing them to carry less!
Install smart locks in your residential property. Basic locks use a numerical code and more advanced ones use fingerprints to open the lock.
The benefits of smart lock:
- They are notoriously hard to break into.
- The tenant can create temporary codes to allow the plumber, dog walker, or other contractors in while they aren't home.
- If a guest comes over and the tenant isn't home yet, they can remotely unlock it from their phone.
3. Energy Efficient Appliances
Updated appliances not only look better, but they are more energy efficient, too.
On average, 13% of the household's energy costs are from appliances. According to Lifehacker, upgrading just the washing machine could save up to $135 a year from electricity and water savings. While a new refrigerator could save up to $20 a year.
To attract today's renter, property managers need to be on top of the latest sustainability trends. Renter's want eco-friendly, economical, and simplification in their housing. To satisfy, it is time to upgrade to smart technologies in apartments buildings and multi-families.