If you want to keep top-tier rental properties in the Cache Valley area, it pays to stay on top of changing trends. Knowing what upgrades tenants want in a rental property can help you provide the best features and attract excellent renters. In addition, when new trends pop onto the rental property horizon, it doesn't hurt to consider whether it's something that will help your business.
Of course, you may not be able to stack your properties with all the latest and the greatest rental home amenities. However, as the best property management companies will tell you, prioritizing some features over no improvements at all can help boost returns! Here's what the best property management Cache Valley offers has to say about adding rental property home automation to improve ROI.
Who Is Renting Right Now?
Before diving into whether technology and automation updates to your property are profitable, it's a good idea to know who local renters are. Of course, people of all ages rent for various reasons, but most renters seem to be getting younger (and more tech-savvy). The most current United States Census Bureau's data from 2019 shows that most renters are fairly young. The data shows 34.4% of the renting population is under 35 years old, and another 20% are between 35 and 44 years old. Those numbers total more than half of the renting population!
We know that the younger generation has been raised on technology, the internet, smart devices, and automation. These are things they are familiar with and look for in every aspect of their lives, including their homes.
What Do Tenants Want?
It's easy to fall back on traditional thinking about tenant amenities. Maybe you've thought if your property had a garage, pool, or large jacuzzi tub, it would draw more tenants. While these things are great (and still important), they aren't the only thing tenants are looking for in a home. People live a busy, hurried life, making convenience amenities more important than you'd think.
In fact, the results of one study showed that most renters want high-tech or smart equipment in their property—so much so that they would be willing to pay more in rent for these things. They also ranked technology and smart home features above having a pool. So, what does that mean for rental property owners? Property managers will tell you that it's time for your homes to get smarter!
Technology To Consider In Your Rental
With all the smart tech out there, you may be overwhelmed when determining the best options for your rental properties. While items such as Alexa and Google Home are trendy right now, it's important to assess what tenants would be willing to pay for.
Some automation devices like Alexa and Google Home allow renters to control various electrical devices around their homes. This is definitely a luxury that offers renters convenience they might already have before considering your property as their next home. Being able to turn on your lights and adjust the thermostat remotely is pretty convenient and would come in handy for many people. Also, smart home remote features allow a tenant to warm up the house before they get home, reducing their heat bill.
In the survey mentioned above, tenants stressed that safety tech was on their wish list for amenities. Security cameras around the exterior of the house or a home security system give tenants a feeling of increased safety. Also, a keyless entry that works with a code is another tech feature that draws attention from good renters.
Whatever upgrades you decide to make, renters may not be picky when it comes to brands. As long as the technology is there, they are content.
Are Tech Features Worth it?
Property owners must decide whether tech upgrades are worth it. Start by consulting a property management company and calculating the ROI to see if investing in new home features is smart for your bottom line. As noted, you can likely increase your rental rate if you add the right tech features to your property. Plus, some upgrades are a small investment but have a "wow" factor built-in to justify a rate increase. For example, a property manager knows that doorbell cameras are relatively inexpensive and are almost an "expected" feature for most residents rather than an upgrade. Many of these cameras are wireless, too, making them simple to install.
Find the Best Property Management Near Me for Home Automation Tips!
Connect with one of the best property management companies in the Cache Valley area, and find out which tech grades could be the right fit for your rental property. Reeder Asset Management can help you analyze your property's current features and returns, talk with you about what local renters want, and make property updates to maximize ROI. Reach out to learn more about our professional property management services!
What else can you do to boost returns? Download our free ebook, the "10 Things You Should Do To Increase the ROI for Your Investment Property!"