63 million American homes will qualify as “smart” this year. With so many options to control everything from lights to air conditioning, we wanted to take a closer look at how these enhancements are helping renters and buyers alike.
Nobody’s debating that we’re in a crucial period of transition. Homes are getting smarter, and many property management companies, in our view, haven’t quite caught up. They’re hovering between the old and new guard, often using legacy companies that haven’t incorporated smart devices and remote monitoring.
That’s not the same case with independent landlords and management companies of newly constructed buildings, however. We’re seeing them incorporate hospitality services, allowing communities to connect like never before, giving opportunities to local businesses, and supporting a robust housing market. Smart homes are helping the community, and residents are benefitting greatly.
Let’s take a closer look at the residents’ perspectives.
I’m In A Smart Building – Now What?
Let’s say you’re on the opposite end of the spectrum – you live in a smart home, and you want to know how to make the most of it.
First, ask yourself a really broad question – who am I? While it may seem strange, it will help drill down what you need from your space. For example:
I am someone who values convenience.
Perfect! You’re in the right place. While many people live in homes with technologically enabled features, they may not utilize them. With a hub – be it an Amazon Alexa or a Google Nest – you can link independent features like smart locks, outdoor and indoor lighting, and sound all in one place. With voice control and a central area to coordinate and organize features, you’re far more likely to use them quickly, saving you time.
I am extremely cost-conscious.
From turning lights on and off to monitoring and controlling your thermostat, you can save on the little things, while seeing where your biggest expenditures are. This works especially well if you want to monitor your property for malfunctions while you are away. If you sublet, you can also set limits to the AC levels and check for errors.
I am a minimalist.
Does anything get more streamlined than having a single source for your home controls? What makes it even better is coordinating the other moving parts in your life, from to-do list reminders to weather forecasts.
I am a renter, but I have my own investment property.
You’re in luck – even if you have a property manager. To monitor your property hands-free and give your client the best possible experience, smart homes are one of the easiest ways to enhance your property while also keeping it the safest. Not only can you control exterior lights, lock doors, and let new tenants into your home, but you’re also supporting your relationship with the people who rent from you – long-term or short-term.
So, what’s next? Smart homes may be the future, but there’s a lot to learn along the way. Ambient computing will begin to learn our routines, meaning that we will no longer need to make manual adjustments. What does that mean, exactly? As algorithms adapt, they can adjust a thermostat to reflect a new morning departure time – say, from 7:15 a.m. to 7:45 a.m. instead.
Security will also begin to catch up with the pace of our smart devices, thankfully. With many hub options, apps, and devices, interconnectedness has been both a blessing and a curse. For a smart home to be truly intelligent, it needs to collect data, meaning it will know even more about our lifestyle, preferences, and locations than ever before. Now, home data and privacy laws are under the microscope – and that’s a good thing.
Lastly, renters and buyers will expect more (and pay more) in a mature smart home market. We already understand how important the smart home is to renters, with nearly 50 percent of Gen Z renters stating they would be more likely to rent an apartment if a free smart device were added to the deal. And home values? Buyers have stated that they would be willing to pay more for a smart home.
With increasing security measures, new technological developments, and an ever-improving mindset on what a smart home can do for us, there’s no better time to make a few upgrades – or contact a company to assist. Contact a company with smart home experience – like TENNTS – to guide you on maximizing your investment.