Over the last couple of years, the rental market experienced quite a healthy post-pandemic boom. But, calling the current state of the industry ideal would be far-fetched since volatile prices, demand swings, shifting workforce, and other factors still make the industry far more uncertain than most owners would like to admit.
In a situation like that, attracting prospective tenants, retaining them over an extended period of time, and securing a stable cash flow, require appealing and easy-to-market amenities.
From what we had an opportunity to see so far, smart technology, IoT capabilities, and similar tech-based additions have proven to have an extremely good track record in attracting Millennials and younger generations of renters.
Let us take a look then at some of the most popular smart home tech features renters need in 2023 to see how you can make your rental properties more appealing.
Smart bulbs and plugs
Smart bulbs and plugs have, for quite some time, been listed as some of the most popular smart home trends mentioned, and this situation won’t likely change anytime soon. The fact is that simple things such as lights and small household devices are some of the biggest energy consumers.
Keeping them under closer control through higher levels of automation and smartphone apps does go a long way in making this problem go away. And, when all is said and done, handling these mundane things in a more streamlined and automated manner simply makes anyone's life faster, simpler, and easier.
Improved home security
All tenants, regardless of their background, age, profession, or any other factor, consider safety one of their highest priorities. That is why it shouldn’t come off as a big surprise that investing in a smart, IoT-powered security system can drastically improve your property's chances of luring in attractive tenants. The options you have on the table are excellent as well.
Ranging from the more complex remote-controlled smart security systems to more affordable options like smart security cameras or even motion trigger lights, you won't have any problem finding items that work for your property.
Smart thermostats and HVAC systems
This topic pretty much resolves around the same issue as the first one we covered. Namely, HVAC systems that are not closely monitored can produce overbearing energy consumption, especially during more extreme summer and winter months. That is why, in the world of quality apartments for rent, smart thermostats and automated HVAC systems are considered an absolute must. And, like in the previous examples, these smart features simply lead to a more consistent and enjoyable experience. When you are feeling cold, you want your AC unit to re-adjust without your direct input.
Connected in-house workspaces
In recent years, the US labor market experienced a massive overhaul and the number of remote workers and occasional telecommuters rose from 5.7% to 17.9% (27.6 million people). That means, a growing number of future renters will require some sort of connected in-house workspaces that will allow them to perform their work obligations in the most optimal manner.
Usually, tenants need to set up these productivity hubs themselves. Staying ahead of the curve and building in productivity features in your properties from the get-go will give you a great competitive edge and easy skip trace points.
Latest-gen entertainment options
This upgrade is rarely listed as one of the most deciding renting factors, but there are very few people who can say no to a massive latest-gen 4K smart TV equipped with a high-quality soundbar and popular entertainment options.
If you want to go all-in and aim for avid moviegoers you can go all-in and grace your property with a full-scale home cinema. But, even if you cover the bare basics like the ones we have listed above, you will be able to leave a great impression on first-time visitors. Smaller additions like home consoles, and Amazon Echo speakers can spice this deal even further.
Smart diffusers and air purifiers
Last but not least, let us quickly address yet another issue that modern renters consider incredibly important and that is the indoor air quality. Unfortunately, we are living in a time when pollution is reaching some truly staggering levels, and we spend an increasing amount of time indoors.
With things as they are, we can at least do our best to make sure indoor air is pleasant, clean, and safe for breathing. That can be easily pulled off with the combination of different diffusers and air purifiers. Since these devices don't require massive investments, be sure to keep them on your shortlist.
Final thoughts
Well, we hope these couple of suggestions gave you a general idea about who's who in the smart device department and what upgrades help your property attract prospective long-term tenants. As we mentioned in the introduction, the rental market is experiencing solid post-pandemic growth, but this resurgence is not devoid of certain road bumps. Do your best then to pad your property with these smart home technology features and make your search for the tenants a smooth ride.
Author bio: Marie Nieves is a passionate blogger with an eye for design, a flair for storytelling, and a love for culture. She contributes regularly to various blogs and online magazines, all while satisfying her wanderlust by exploring states and countries near and far.
