Win the Amenities War with Smart Home Technology
In the past, renters chose communities that offered entertainment-focused amenities, like a clubhouse with a swimming pool. But now that the majority of people own computers and smartphones, amenities like business centers have gone the way of the dinosaurs. Today’s renters-by-choice prefer energy savings, safety, and convenience over onsite entertainment. Multifamily properties that adopt new smart home technologies have the advantage in the amenities war, beating out the competition for new leases and increased profits. What was once a steep and expensive barrier is now affordable for nearly any budget.
Choosing the Right Smart Home Technologies
It’s essential to make educated choices when selecting new smart home technologies for your properties. Don’t select technologies that will quickly become outdated – think software updates over hardware. Instead, focus on smart tech that have a tangible benefit for your renters.
Virtual Personal Assistants
Some renters already own a virtual personal assistant (VPA) such as Google Home or Amazon Alexa. Offering smart technologies that interface with these systems add value for tenants as they transform your property into a connected home ecosystem. Not everyone owns a VPA; however, and adding an Amazon Echo Dot, for example, to your properties would be a small and inexpensive upgrade that integrates with other smart technologies and gives residents the convenience of voice control.
Energy Savings and Safety
Technologies that offer peace of mind or monetary savings help drive interest in your properties. Here are a few options to consider:
Smart Door Locks — Adding smart door locks to your properties provides peace of mind for tenants and makes the transition between renters smoother for you. With a smart lock, you won’t have to change locks between tenants, you simply reprogram the code. Smart locks are easy to install and set up and have low upkeep costs.
Smart Thermostats — Installing smart thermostats allows a renter to adjust heating or cooling settings from the convenience of their smartphone. Smart thermostats can also alert you when an air filter needs to be replaced and they record how long the HVAC system has been running.. Studies have shown an average of 12 percent savings in electricity for heating with the use of smart thermostats.
Smart Lighting — Eco-conscious renters find apartments outfitted with smart lighting attractive as LED lights use 75 percent less energy than traditional incandescent lights. Not only does smart lighting provide energy savings, it also gives renters peace of mind when they can turn on the lights remotely from their smartphone — making it useful for security. In many cases, the installation of smart lighting results in potential tax breaks, making it a win-win for everyone.
Attract New Renters with Smart Home Technologies
Adding smart home technologies to your rental properties helps attract new renters concerned about monetary savings and personal security. Integrating smart thermostats and lighting with voice-controlled VPAs like Amazon’s Alexa or Apple’s Siri gives renters confidence and convenience. Knowing your demographics and the experience you want to deliver can shape what smart amenities you offer. Offering smart home technologies at your properties helps drive new leases and increased profitability — giving you an advantage over local competition.
Keep up with the latest trends by downloading G5’s latest Multifamily State of the Industry Report.