It’s 2022, and homes are now more than just the four walls we sleep in. Many single family homes are smarter than ever before and are designed to make the lives of their residents more manageable. These smart homes are popping up throughout the Build-to-Rent (BTR) market to appeal to prospective renters.
Many single family renters and homebuilders are focusing on renting smart - they’re looking for homes that aren’t equipped with just any smart home device. Instead, they want homes with devices that save them money, conserve energy, and protect them while they’re away. For that reason, Build-to-Rent owners and operators must build fully integrated smart homes and communities that will appeal to prospective renters and help them build Net Operating Income (NOI) over time.
Building Integrated Homes
Renters are raising their standards when it comes to settling into a home. They’re now looking for houses with complete integration, meaning houses with devices that interact with one another, creating a streamlined experience that’s much easier to use. They’re even willing to pay higher rents per month for homes that deliver their desired automation.
As they search for homes that meet their new standards, they’re keeping automation and integration in mind. They want ease of use and products and services that work much more efficiently together than siloed devices, platforms, and apps.
As an industry leader in automation, the SmartRent App is designed to do precisely what prospective renters are looking for. The SmartRent App integrates each device into one easy-to-use app controlled with a smartphone from virtually anywhere.
Residents can create automations, like setting scenes and schedules, to create more efficient homes with their smart home devices. For instance, residents can use their app to create schedules for their smart thermostats that not only save energy but lower their monthly electricity bill. These powerful tools help Build-to-Rent owners market to tech-savvy renters looking for luxury features.
Smart Devices that Save Time & Money
Prospective renters are looking for smart devices that help them not only save money but time. Smart thermostats and smart plugs, for instance, are great for saving energy which certainly helps residents save money over time. In addition, these help residents achieve the financial goals they’re looking to hit and help owners protect their homes from any possible accidents if something gets left on.
Asset Protection and Convenience
Smart locks are also highly sought-after smart home devices intriguing to both prospective renters and owners alike. These allow owners to do away with keys, avoiding lockouts and constantly creating new keys. With the SmartRent App, residents can create unique access codes for their visitors. So whether it’s the dog walker, delivery person, or friends, each access code is unique to them and can be revoked quickly.
Video doorbells can be paired to add an extra layer of protection for residents. With live views, instant alerts, and notifications via the SmartRent App, residents have peace of mind that their home is safe.
Building NOI for Build-to-Rent Owners
While building smart homes offers obvious benefits to those prospective renters looking to rent smart, they also provide tons of added value to Build-to-Rent owners. Equipping their for-rent homes with smart devices let owners enjoy less turnover as residents of smart homes tend to stay in smart rental properties longer. They also tend to increase monthly rental prices, which helps their overall revenue, leading to building NOI over time. If owners also include self-guided tours as part of their sales strategy, they can experience shortened sales cycles with fewer vacant homes on the market.
Some of these key devices also help them protect assets as well. For instance, including leak sensors instantly catches any sign of a potential leak and quickly alerts the property team and residents. This saves owners the headache of costly repairs, claims, and raised insurance premiums by acting quickly to resolve leaks before they become catastrophic. Another key piece is smart locks. These don’t just appeal to residents as personal protection, but they also help owners protect their assets.
Ready to start building smart?
With SmartRent, Build-to-Rent owners can create a smart home ecosystem in each of their for-rent homes with the smart devices prospective renters are looking for. We work with you to build wholly integrated smart homes, from smart thermostats to smart locks and everything else in between.
Increase resident retention while also building NOI by including a suite of SmartRent products into your Build-to-Rent portfolio. Schedule a demo today to get started.