One of the great things about the day and age that we live in is that there are a wide variety of devices that we use to make our lives easier including SMART Thermostats.
With a SMART Thermostat you can easily regulate the temperature from your home anywhere you have access to the Internet. These devices have been proven to help homeowners slash their energy costs and use electricity more efficiently.
The big question is should you install a SMART Thermostat in your Monterey area rental property? In this article we will answer this question and provide you with reasons to consider installing a smart thermostat.
Reasons to Consider Installing A Smart Thermostat in Your Rental
#1: Attract and Retain Renters with Premium Amenities
In housing markets with lots of options for tenants, securing quality renters can be competitive. However, homes with smart tech can be more attractive to renters of all ages. According to the Buildium Annual Renters’ Report, 71% of millennial renters would be more interested in a smart home tech-enabled unit. Even 55% of baby boomer renters (ages 67+) are interested in smart home technology—but only if it’s intuitive to use.
To break the data out to smart thermostats, on average 32% of renters surveyed said smart thermostats would make them more interested in renting a particular unit. Also, smart thermostats are an eco-friendly tech benefit, which appeals to more residents who follow sustainable and energy-conscious lifestyles.
For renters considering whether or not to renew their leases, smart tech could convince them to stay—in the same survey, 12% of respondents said they would be open to renewing if smart home technology were installed.
#2: Raise the Rent
Data from the survey also reveals that 23% of renters believe living with smart home technology is worth paying higher rent. Compared to the top 3 “more desirable” unit characteristics renters would be interested in paying a premium for (in-unit washer/dryer, central air conditioning, and a balcony/private patio), a smart thermostat is much easier to install and add as a benefit. When you add amenities to improve the value of a unit, we recommend doing some market research first to understand how much you can raise rent based on how much people would be willing to pay for added features.
#3: Save Money if You Pay Utilities
For landlords who own multi-family residences and have no way to divide the heating bill amongst tenants, this is an easy way to save some money. Smart thermostats can help you make your units as energy efficient as possible and allow you to control the heating remotely. If your tenants aren’t paying for heat, they likely have no incentive to be attentive about the heating bill, so this is a way for you to monitor it and save some costs.
Contact 36 North Property Management
To learn more about installing a SMART Thermostat in your rental property, or to speak with us about our property management services, contact us today at (831) 484-4604 or click here to connect with us online.