Today’s residents have changing needs and preferences when they consider an apartment or rental property. Sure, they still appreciate open floor plans, fenced-in backyards, and new appliances. They'll be impressed by curb appeal and aesthetics. But to really make your property stand out, give residents what they really want – a smart home.
It’s not as costly as you might presume to update your property, especially if you’re able to do so one tech installment at a time. And you’ll have value-added benefits to consider, as well. Here are a few ways to transform your apartment or rental home into a smart living space, to leverage the many portfolio NOI benefits, increase marketability, and land at the top of potential residents’ must-see lists.
1. Smart Video Surveillance and Monitoring
There are a host of video surveillance options on the market, ideal for nearly every budget. And installing any system, like the Ring Doorbell, can have benefits for both investors and residents. Your residents will appreciate having the added line of protection and convenient smartphone access to camera feeds. You’ll appreciate having an extra eye on your property, even when it’s vacant. Check out the various systems and explore those with added features, including motion detectors, night-vision, and audio recording.
2. Digital Thermostats
Installing a smart thermostat can help regulate energy usage in an apartment or rental home. Your residents will love having convenient controls from their devices, in addition to the potential utility bill savings every month. As a property investor, you’ll enjoy those cost-savings, too. And you’ll be able to monitor energy usage and control the temperature yourself, which can be handy when a space is vacant. The digital thermostat upgrade is often one of the easiest to make, and many are DIY-friendly.
3. Make the Switch to Smart Light Bulbs
If you’re not quite ready to overall your property with a full-system tech upgrade, consider starting smaller with smart light bulb technology. Intelligent lights are often LED bulbs paired with software. Whether you’re using an app to control them or a home automation system, in general, residents love them. Controlling lights remotely and with a mobile device can be the key differentiator between your apartment listing and another. Get super-techy with those smart bulbs that feature motion sensors and dimming functions. There are even some that come with GPS tracking to a user’s device, automatically turning on the lights when the resident is close to arriving at home. Depending on the brand you consider, bulbs can cost $20 each and upwards of $800 if you plan to upgrade your entire property.
4. Air Purifiers, the Smart Way
Another tech upgrade you might consider is an air purifier. These devices can provide air quality benefits, great for residents. There are several varieties available, including the Dyson Pure Cool, which is fully Wi-Fi-enabled. These purifiers can be controlled digitally and have robust filtration systems allowing for air quality safeguards in the apartment or rental home. Anyone with seasonal allergies will appreciate it. But those with pets or sensitivities will, too.
5. Smart Door Locks
Another smart home upgrade that brings incredible benefits to both the property owner and the resident is the smart lock. There are typically two versions to consider, one that integrates with existing door locking hardware and one that replaces it entirely. Either option is simple to install for anyone familiar with basic tools and is a breeze for the average handyperson. These additions are game-changers to those middle-of-the-night lockout situations. And property owners can remotely track who’s coming and going from the property during vacancies, including showings and contractors. You’ll likely find the $150 to $550 investment for this tech upgrade is well worth it.
6. Smart Appliances for the Win
Another way to really attract residents and set your property apart from other listings is by upgrading to smart appliances. These tend to be more expensive upgrades but can have plenty of ongoing benefits to both residents and investors. It’s a premium amenity that you might be able to charge more to have, and residents will be more agreeable to pay to have. Smart dishwashers, stoves, and laundry units can preserve energy usage, as well. And who wouldn’t love the convenience of starting the dryer from a smartphone?
7. Smart Home Hubs, Plugs, and USBs
Increase the convenience aspect of your rental property for purposes of attracting residents, with updates that include smart home hugs, smart plugs, and USBs throughout. The smart hubs, like Google’s Alexa, can improve the living experience for residents and require very little to install. Smart plugs are great accessories that allow residents to charge and use devices with traditional outlets. And having USBs throughout a space is just a convenient extra that other rental properties may not have. These amenities are typically affordable, too, making them an ideal tech enhancement for any apartment or rental home.
8. Smart Smoke Detection
If you’re looking for small tech upgrades, one device at a time, consider the smart smoke and carbon monoxide detectors. These smart safety devices are must-haves when it comes to providing residents peace of mind. Most of these tech-infused models have alert features for residents and landlords, notifying them of an alarm wherever they are and directly to smartphones. And should there be an accidental triggering with Tuesday night’s dinner in the oven, the detector can be easily turned off.
As you continue to look for fresh ways to attract new residents and improve NOI with your apartment or rental home, consider some of these smart home upgrades. Today's residents will be attracted to the convenience and efficiencies many of these devices have to offer. Additionally, transforming your apartment or rental property into a smart home can be relatively affordable, especially if you approach the upgrade one device at a time. Don't forget, too, if you still need help with ideas and real estate investment improvements, let Axel Property Management be your guide! From smart home upgrades and vacancy marketing to rent collection and portfolio management, we can help!
