Top 5 Tech Improvements to Include in Your Rental Property
As a real estate investor, the best way to add value to a rental property is by adding tech-driven amenities. Considering that the bulk of renters comprise tech-savvy millennials, it’s crucial that you include property features that fit the lifestyle and preferences of their generation. Adapting to the latest tech trends helps make your property stand out to young professionals. You just need to identify the best tech-driven investments to add to your rental asset. Here are a few that deserve a look:
Smart energy-saving devices
As the real estate sector embraces automation, it’s only a matter of time before apartments become fully automated. Home appliances are becoming smarter and more energy-efficient every year. To keep up with the times, you may have to upgrade to programmable thermostats and smart LED lighting. These may entail high upfront costs, but these improvements can lead to more savings and attract energy-conscious tenants.
Security is a big factor for today’s renters. Apart from installing proper surveillance systems, you should also install smart locks and enable keyless entry for tenants. With this concept, tenants will only enter a code or scan their fingerprints to enter their units, thereby preventing accidental lockouts and reducing the need to change locks. Not many rental properties have this feature, but according to an article on Multifamily Executive, 55% of millennial renters are willing to pay more for units with smart locks.
With digital payments becoming increasingly prevalent today, property owners should consider providing their tenants with convenient methods to pay rent, request for repairs, and handle other transactions remotely. If you want your property to appeal to millennial renters, consider enabling contactless payments and setting up an online rental application process for potential tenants. With these systems, you can maximize your rent collections and fill up rental vacancies much faster.
Considering that young professionals today work either part-time or full-time as freelancers, your property has to provide high-speed internet connectivity. If your property has been using a standard DSL service for too long, opt to upgrade to a fiber connection that’s capable of bringing speeds of up to 1,000 Mbps. Along with a mesh network that reduces Wi-Fi dead spots, a fiber internet service can be a definite game changer if you want to attract more millennial renters.
For potential tenants living out of town, you can provide them with a convenient means to check out a rental unit. With improvements in 360-degree technology, you can offer virtual tours that eliminate the need for an in-person viewing and give renters an immersive view of the property. Through this, it’s possible for them to close the lease and move in right away without paying additional costs for transportation.
It’s important for rental properties to be adaptive in this day and age, so look towards the improvements above and see how well they add value to your asset and your tenants.
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