As you’re upgrading your Roseville rental property, you need to think creatively. Renovations go much further than new appliances and fresh carpets. In modern rental homes, you also have to think about technology. Your tenants are more likely to work from home than they were a few years ago. They’re also more dependent on their smart devices, whether it’s a phone, watch, or assistants like Siri and Alexa.
Smart home devices are more popular than ever – even across demographics. Roseville tenants are likely to see this type of technology as a competitive advantage in a rental home. They may choose your property over another because of a video doorbell or included Wi-Fi.
If you’re not careful, however, you could spend $10,000 on tech upgrades to your property. You have to be strategic in choosing which products might be worth installing in a rental property.
Potential Smart Home Technology Upgrades
As you’re deciding what you do and do not want to do to make your rental property “smart,” take some time to understand what’s actually available. Maybe you’re using these features in your own home, or perhaps you’ve never heard of these things before.
- Video doorbells. Tenants will be able to see who is at the door and who is approaching the property. Exterior cameras like those on a doorbell can also help keep a home secure when it’s vacant.
- Security systems. These can be great for extra safety. A lot of the available security systems are expensive to install and they often require long-term contracts. You may want to offer the system but require the tenants to pay the monthly charge or activation fees.
- Smart locks. These allow you to grant access to tenants remotely or with a code. You can change the code between tenants or when you have a vendor showing up for work. There’s no need to worry about lost keys or rekeying the property between tenants. These also come in handy when you’re leasing your home.
- Smart lighting. Your tenants can set the lights in the property to timers or control them on their smartphones. Exterior lights can also be motion-activated. This is good for security, and the interior lights will help tenants keep electricity costs down.
- Voice-activated assistants. Amazon’s Alexa and Apple’s Siri are features that many tenants are already using. Including them in smart homes can help streamline and centralize all the other technology that may be available.
We know some rental homes have smart thermostats and smart appliances as well. Those are fantastic upgrades, but they’re not cheap. It’s possible to be too smart when it comes to improving your Roseville rental property, and you don’t want to spend more than you’ll earn back in rental values and tenant retention.
Deciding What to Include in your Roseville Rental Home
Smart technology will increase your rental value and the value of your investment. You’ll also attract some great tenants by providing features they’re looking for in a home. You can offer your tenants better security and lower energy costs. Turnovers may be easier, especially when you consider that vendors and contractors can let themselves in with a smart lock, for example.
With the advantages come challenges. Some things to consider include
- There’s a significant upfront cost. You’ll likely have to invest hundreds of dollars to install these systems.
- Wi-Fi will need to be enabled.
- Privacy concerns may be an issue. Renters might actually not want these things installed in their home, for fear you’ll be watching or listening.
Smart home technology upgrades should balance meeting the demands of tenants with keeping your own costs down. Study the Roseville rental market and see what similar properties are offering. We can help you do that with our local property management expertise. Contact us at Action Properties.