With an increasingly competitive rental market, perceptive landlords are looking for ways to make sure their investment properties stand out and earn the best returns possible. To attract long term tenants, which can give investors reliability and a consistent income source, landlords can look to the future to make their property seem like a home that will remain relevant. One way that property investors can boost interest in their properties and potentially increase rental returns is through utilising smart technology.
Smart solutions to everyday problems are transforming everyone’s lives. High tech security systems are giving tenants increased security and peace of mind. Energy monitoring smart meters allow homeowners and tenants to manage their water and heating use to cut down on costs and wastage. Smart lighting is becoming increasingly common and the ability to set a timer when a property is empty is a handy security feature. Solar panels are providing tenants with a clean energy source and cutting down bills too.
Many property developers are incorporating smart technology into their new build properties. Recognising the increasing demand for smart features, modern apartments like those by RW Invest are using features like video intercom services, heat recovery ventilation systems, CCTV and smartphone keyless entry systems to attract valuable tenants.
There are plenty of other forward thinking and innovative measures landlords can use in their properties. Rubbish bins with barcode scanners which reorder items when they are thrown away are another futuristic home upgrade. Smart bathtubs which act as Bluetooth speakers, with ripples caused by the music when it is full, are another fun smart feature that has recently been launched. Smart TVs and integrated entertainment systems can allow potential tenants to control every aspect of their new property.
Voice activated assistants are used in a wide range of homes, helping residents with everything from ordering products to finding out information to playing music to making phone calls. Smart hubs and remote controls allow users to synchronise their smart devices and phone apps which allow people to monitor their home from anywhere in the world. Voice assistants are also incredibly affordable, and an easy way for landlords to incorporate smart tech into their rental properties.
Smart technology is becoming more common in both homes and rental properties. These measures can also add value to a property when the time comes to sell. Recently, a study found that nearly 75% of people asked had already adopted smart technology into their homes and a third were planning to introduce further smart upgrades. Four in ten people said that having solar panels would make a new property more appealing when they were house hunting too.
Smart meters are an easy and affordable way to use smart tech to attract new tenants. A recent study found that 55% of tenants asked would choose a rental property with a smart meter, rather than one without if rental rates were the same. When asked what features they would like in an eco-friendly rental property, 32% wanted a smart meter included, this is compared to 19% demand for wireless broadband. Smart meters can be an all-round win for landlords, allowing their tenants to monitor their energy use and save on bills. This can also make the property eco-friendlier, cutting down fuel consumption.
Whether property investors are looking for a high tech, modern apartment full of smart features or are looking to make a few upgrades to their current properties, introducing smart tech can be a great way to attract new tenants.