6 Smart Tech Ideas to Increase Rental Property Value

In recent years, the popularity of smart home technology has surged, and renters are no exception to this trend. Renters are increasingly drawn to the security, convenience, and seamless integration offered by these innovative devices. In fact, a survey conducted by Rent.com revealed that a striking 82% of renters desire one to two smart devices in their rental homes. For landlords, embracing this trend presents an opportunity to not only attract high-quality tenants but also enhance rental property values, while simultaneously streamlining property management. The key is to find the right balance between deploying useful technology and avoiding overinvestment.

In this article, we will explore the latest smart technology devices that can instantly elevate the rental value of your properties, catering to the surging demand from renters. With the average cost of these devices falling between $100 to $400 each, it offers landlords a practical way add value and create a “wow” factor for potential tenants. So, let’s delve into the latest smart home technology products that are making waves in 2023.

Smart Water Networks

Smart water networks are a type of smart home technology that can help landlords optimize water usage and enhance overall efficiency within their rental property. These systems use sensors and analytics to detect leaks and other issues in the plumbing system, allowing landlords to address them before they become major problems.

Phyn Plus Smart Water Assistant + Shutoff
This product is a comprehensive water monitoring and control system designed to protect homes from water damage and optimize water usage. It features real-time water usage tracking, leak detection, and the ability to remotely shut off the water supply in case of emergencies, providing landlords with peace of mind and efficient water management capabilities.

Flo Smart Water Monitor and Shutoff
This smart home water security system provides 24/7 protection by monitoring for water leaks, some as small as one drop. The system includes sensors that measure water pressure, water temperature, and the rate at which water is flowing through the valve. By providing an added layer of protection against water damage, landlords can increase the quality of customer service in regard to home fixes.

Chilipepper CP9000 hot water recirculation pump
A smart pump that eliminates the need to run the faucet for several minutes to get hot water. With the touch of a button, the high-power pump circulates the water from the hot water line back to the cold-water line, ensuring that hot water is available instantly. It can easily be retrofitted into an existing home or installed in new construction, making it an ideal choice for landlords. By installing the pump, landlords can provide their tenants with instant hot water, while also conserving water and reducing energy costs.

Smart Sprinkler Automation

Smart sprinkler automation systems have revolutionized the way landlords manage outdoor spaces on their rental properties. These cutting-edge systems use sensors and analytics to detect the moisture level of the soil and optimize irrigation, helping landlords reduce costs and conserve water, enhancing the appeal and maintenance of their rental properties. Here are two examples of smart sprinkler automation products:

Rachio 3 Smart Sprinkler Controller
This smart sprinkler is a cutting-edge device designed to optimize lawn irrigation. It features intelligent weather monitoring, allowing it to adjust watering schedules based on real-time weather conditions, smartphone app control for remote management, and compatibility with voice assistants like Amazon Alexa and Google Assistant, making it a convenient and water-efficient addition to any landscape.

Irrigreen Genius Smart Sprinkler System
A revolutionary all-digital sprinkler system that uses smart robotic heads to print the exact amount of water needed to cover each area of your landscape. The Irrigreen system is also highly efficient, using 50% less water and 80% less piping than traditional irrigation systems. By installing, landlords can provide an added layer of convenience and efficiency to their rental property.

Smart Kitchen Appliances

Upgrading appliances to smart devices with advanced technology and connectivity features, transforms ordinary kitchens into high-functioning, intelligent spaces. Smart kitchen tech offers conveniences like remote monitoring, voice commands, notifications, and automatic re-ordering, attracting tech-savvy tenants, enhancing property value, reducing operational costs, and simplifying maintenance. Here are some examples of connected kitchen appliances:

Samsung Family Hub Refrigerator
This smart fridge offers a range of features to help keep families organized and make life easier with a built-in touchscreen that can display recipes, calendars, and notes. It also has a camera inside that allows tenants to see what’s inside the fridge from their smartphone and can integrate with other smart home devices and services, such as Alexa.

GE Profile Smart Double Wall Oven
This oven was designed to streamline cooking processes and enhance culinary convenience. It features a spacious double oven design, voice control compatibility with virtual assistants like Amazon Alexa and Google Assistant, precision cooking modes, and remote monitoring capabilities through a smartphone app, allowing users to preheat, set timers, and monitor the cooking progress from anywhere.

Bosch 800 Series Dishwasher
This dishwasher is a top-of-the-line kitchen appliance known for its exceptional cleaning performance and innovative features. It offers advanced PrecisionWash technology for precise cleaning, a flexible RackMatic system for customizable loading, and operates quietly at just 42 decibels, ensuring a peaceful kitchen environment.

Smart Touchless Faucets

Touchless faucets have emerged as a transformative addition to rental properties, enhancing the appeal of their rental spaces, but also address key concerns such as water conservation and tenant hygiene. These faucets use sensors to detect when someone’s hands are under the faucet, turning on and off automatically. Here are examples of touchless faucets:

Moen Arbor Motion Sense Touchless Kitchen Faucet
This faucet was designed for both convenience and hygiene. It features motion-sensor technology for touchless operation, multiple spray modes, a pull-down wand for flexible use, and compatibility with voice assistants like Amazon Alexa and Google Assistant, making it a versatile and efficient addition to any kitchen.

Kohler Sensate Touchless Kitchen Faucet
A high-tech faucet that uses motion sensors to turn the water on and off, freeing up your hands for cooking and cleaning tasks. It features two spray options for powerful cleaning performance and a precision activation window that ensures reliable touchless operation. These features can be attractive to landlords who want to offer their tenants a modern and hygienic living experience.

Smart Digital Showers

Smart digital showers bring a new level of personalization, efficiency, and convenience to daily bathing. They help tenants save money on water bills by providing real-time feedback on water usage and can be programmed to remember a tenant’s preferred water temperature and pressure settings. Here are two examples of digital smart showers:

Kohler DTV+ Digital Shower System
A high-tech shower system that offers a range of features to create a customizable and luxurious showering experience. It includes pre-programmed temperature and hydrotherapy programs for spa-like showering experiences, and allows you to control every part of your shower experience from one easy-to-use interface.

Moen U by Moen Smart Shower
A Wi-Fi/cloud-based digital shower system that offers unmatched personalization and connectivity for a truly customized showering experience. With three ways to control the shower – voice, phone, and in-shower controller – users have the flexibility to adjust temperature, flow, and create personalized presets.

Digital Home Security Systems

Digital home security systems have become the cornerstone of property management, providing comprehensive surveillance, intrusion detection, and monitoring capabilities. Investing in smart home security systems not only helps enhance safety and peace of mind for tenants, but also protects their investments and reduces insurance costs. Here are two examples of smart home security systems:

SimpliSafe Home Security System
This system can help landlords raise their rental prices by providing tenants with an added sense of safety and security without a large financial commitment. The customizable system also allows landlords to tailor security for each unit, with monitoring capabilities through the SimpliSafe app providing oversight without being intrusive.

Ring Alarm Security Kit
Remote management via the Ring app allows landlords to oversee each system installed at their properties without physical presence. They can check armed status, power levels, and receive alerts. Ring offers month-to-month professional monitoring plans, so landlords don’t have to commit to long-term contracts.

Bottom Line

Incorporating smart home technology into your rental property not only sets it apart but also caters to the preferences of today’s tenants. These sought-after features can drive up rental prices and occupancy rates. Additionally, they offer landlords the advantage of remote monitoring and simplified maintenance. By strategically investing in popular smart home devices, you can attract quality tenants, boost rental income, and profit from long-term savings.

CoreVest is a market leader in rental property loans and has helped thousands of investors finance their properties and improve their holdings. We’d love to talk with you directly on how we can maximize the value of your rental or investment portfolios. Call us today at 844.223.7496 or email or email [email protected] to discuss how CoreVest can help you grow!

 

 

 

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