According to the recent trends in the single-family rental home market, adults under 40 are the next big group of renters to watch out for. Because these individuals have been accustomed to a certain lifestyle, they have needs and wants that are significantly different from those of the prior generations of renters. As an owner of a rental property in Franklin, you have to make sure you know about these wants and therefore make the necessary upgrades. Doing so will guarantee that your rental homes are up to date with what is currently making it competitive in the industry.
Along with the proliferation of handheld smart technologies, smart homes are quickly gaining reputation because of the convenience it brings to a home and the savings they give to homeowners. Many young renters have grown up with specific smart technologies in their family homes, including smart thermostats and lighting. Smart thermostats can be controlled via an app on a smartphone or tablet so anybody can adjust the temperature in their homes from anywhere. With these technologies, it’s possible to do all those with a few clicks. These technologies are not just fancy extras: smart technologies can increase the value of your home significantly, as well as attract quality, long-term residents. Let’s take a closer look at smart thermostats and lighting, and what benefits they might offer you as a rental property owner.
Upgrading to a Smart Thermostat
What makes a thermostat “smart”? Smart thermostats are technically programmable thermostats that learn from your behaviors. They track energy consumption in real time, adjust automatically if no one is home, and control the home’s interior climate remotely ensuring that residents don’t unnecessarily waste energy on cooling or heating. The primary cost of a smart thermostat may be high-priced, but they typically pay for themselves after a short period due to the energy savings they incur.
Upgrading to Smart Lighting
Smart lighting, like smart thermostats, is a lighting system designed to save energy. High-efficiency fixtures and automated controls can adjust automatically based on how many people are in the home and how bright it is outside. Smart lighting can be programmed, controlled with an app, or otherwise customized to conserve energy and improve security. Among the smart technology upgrades, smart lighting is one of the easiest and least expensive options, which makes it a great place to start.
For the tech-savvy renters of today, the safety, convenience, and efficiency of smart technologies is a strong draw. Rental property owners with these features may find great success in attracting the under-40 crowd by upgrading to one or more smart features. For more information, please contact us online or call us at 615-810-9578.