Smart home tech and rentals
From smart locks to lighting automation and energy metres, smart technology is transforming how we live, work and play.
But what about your rental property? Is it worth investing in smart tech as a rental owner? And if you do, what types of technology offer the best outcome for the property and your renters?
Let’s look at smart home tech for rentals, including what owners need to know…
What is smart home tech?
When we talk about smart home technology, we’re generally referring to internet-connected devices that automate certain functions around the home.
These can range from lighting that’s controlled by an app on your mobile phone to smart energy metres which monitor electricity consumption and provide you with real-time insight.
The smart tech arena also encompasses automated heating and cooling, along with security systems including interconnected cameras and door and window lock sensors, or simple smart locks which allow you to open a door using a PIN, app, or biometrics.
But while smart tech is gaining popularity in owner occupied homes for its efficiency and convenience, what about rentals and could smart home tech make your property more appealing?
Let’s look at some pros and cons.
The pros of smart tech in rentals
There are a range of positives to installing smart home tech in a rental property, particularly when it comes to the liveability of the home.
Smart home tech has a focus on efficiency, convenience, and security, offering benefits that extend from lower electricity costs to improved safety.
Security – Whether it’s a smart lock or a fully connected camera system, smart home technology can increase the safety and security of a property. Meanwhile, simple tools like smart locks reduce lost key issues and improve access management to a property.
Convenience – Having features in a property which can be controlled by an app on your mobile phone offers incredible convenience. From lighting to music, irrigation and temperature control, smart tech puts key features of a property right in the palm of your hand.
Energy Efficiency – Smart metres and energy monitors allow occupants to keep track of the electricity consumption in their home, while automation allows appliances, lighting, heating and cooling to be turned off when it’s not in use. Together, this leads to improved energy efficiency and lower power bills, which can be a major drawcard for renters.
Maintenance – Smart technology also encompasses sensors, which can monitor potential maintenance issues around the home, including leaks, aging appliances and servicing requirements. For rental owners this can help you manage the maintenance of your rental property a lot more effectively.
Marketability – And finally, smart technology creates a point of difference for your property, allowing it to stand out from the crowd.
Smart tech cons
While there are potential benefits to installing smart tech in your investment property, there are also potential drawbacks, ranging from upfront costs to privacy concerns and evolving technology.
Upfront costs – Although much cheaper than it was in the past, smart technology requires an upfront outlay that includes purchasing the technology, installation, and any associated subscription costs.
Privacy – If you’re installing technology that includes cameras, sensors and monitoring ability, it’s only natural that renters may have concerns about their privacy. To alleviate these, there must be clear communication and boundaries.
Responsibility – Who is responsible for what when it comes to passwords and subscriptions? This will need to be covered in the rental agreement.
Updates – The smart technology that you install in a property will require ongoing maintenance, including updates, batteries and the occasional replacement. It’s also important to note that technology is evolving quickly, meaning the smart tech you adopt today could quickly become outdated.
ROI: Is it worth It?
Whether it’s smart technology or something else, every improvement you make to a rental property should be carefully considered.
Take the time to weigh up the property location and rental demographic and whether smart tech will make your property more valuable in the eyes of renters or increase your rent.
And if you are looking to adopt smart technology, go for practical, renter-friendly upgrades like locks and energy-saving devices, rather than luxury gadgets.
