Smart Thermostats for Rental Properties

By: Marketing

If your customers own rental properties, have you suggested a thermostat upgrade to them lately?

 

We know that smart thermostats are great for the typical residential homeowner.  Features like the mobile app, geofencing, voice assistance compatibility are all things that make daily life easier.  Smart thermostats are also great investments for rental properties – giving both the landlord and the renter the ability to effectively manage their indoor comfort.

 

We’ve outlined some of the top benefits for landlords to include smart thermostats in their rental properties.  You can use these to create a direct mail campaign or email blast to local rental management companies or to customers who own rental properties.

 

Key advantages of a Smart Thermostat in your Rental:

Smart technology can attract the perfect renter. With a crowd rental market, having a place to is updated and equipped with smart home technology can help win over renters – and justify a higher monthly rental fee.

According to the Buildium Annual Renters’ Report, 71% of millennial renters would be more apt to renting a property with smart home technology over one without. This is only limited to millennials either – of those surveyed 55% of baby boomers (ages 67+) were interested in renting a home or apartment with smart home technology.

The survey called out smart thermostats specifically.  On average, 32% of respondents said smart thermostats would make them more interested in renting a particular unit. In addition to the financial benefit, the environmental benefits of smart thermostats were important.

For renters considering whether or not to renew their leases, smart tech could convince them to stay—in the same survey, 12% of respondents said they would be open to renewing if smart home technology were installed.

 

Renters are willing to pay a high rent.  The survey also pointed out that 23% of renters would be willing to pay more in rent for smart technology- they see the value.

 

This doesn’t mean landlords should run out and spend thousands of dollars to equip rental properties with smart technology.  Landlords need to look at the value and price of their upgrades and decide what makes sense.

 

For around $150, the KONO Smart thermostat can be easily installed, adding value that can recouped in rental fees within months.  While low cost, the cost-savings and eco-friendly benefits exceed the expense.  KONO Smart is also very easy to use – allowing even the millennials to use it without frustration.

3 Oct / 19 Odds & Ends
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