As the availability of smart home technology has grown, the popularity of these technological innovations has increased. From lighting to home security to a home comfort system, smart home options can provide greater levels of convenience to residents.
However, these smart home technologies are not only convenient in terms of day-to-day comfort but can also help increase efficiency. For example, smart thermostats are good investments for rental property for a variety of reasons beyond simple convenience. Below are just a few of the benefits of installing a smart thermostat in your Chicago investment property.
Save Money from Increased Energy Efficiency
A smart thermostat operates by taking into account various factors about residents’ energy use needs and habits, including regular schedules and local weather. One advantageous feature of most smart thermostats is that they are able to heat or cool an empty apartment or house differently than a residence that is occupied. This sensitivity to the presence of occupants will result in lower energy costs for the unit. With as brutal as Chicago winters can be, this one feature alone pays for itself.
Even if your tenants are paying the energy costs directly, a more energy efficient property is an alluring amenity that will increase your property’s marketability.
Smart Home Technology Makes Your Property Competitive
Installing a smart thermostat increases the rental value of your property. Even if your tenants are not responsible for the energy costs of the unit, many renters are eco-conscious and are interested in any ways that they can limit their destructive carbon footprint.
However, if your tenants are responsible for the energy costs of the residence, a smart thermostat will have double the effect on the marketability of your rental property. A rental property with eco-friendly features that will also save renters money on energy bills is incredibly appealing for many potential tenants.
Analyze the Energy Use in Your Rental
A smart thermostat will allow you to have a detailed look at exactly how and when your energy costs fluctuate. Noting the results in your energy bill for things like weather patterns and typical resident schedules can allow you to adjust accordingly, so that your energy costs are as low as possible.
Some brands of smart thermostats, including Nest and ecobee, will provide you with detailed monthly reports and allow you to make heating and cooling schedules for your property. And again, if your tenants are responsible for the energy of the unit, the ability to cut energy costs will be an attractive feature of your rental. These reports can also help notice inefficiencies like drafts or the lack of insulation, which can then be resolved.
Increase the Rental Price of your Property
This final benefit overlaps with those discussed above, but still should be noted. Adding cutting edge amenities to a property, such as a smart thermostat, raises the rental value of that property. From its attractiveness to eco-friendly tenants, to its convenience, to the cuts in energy costs across the board, a smart thermostat increases the quality of life of residents. For this reason, installing a smart thermostat will allow you to increase the rental price of a property. The monthly increase in rent may be minimal but in a rental environment as competitive as we’re currently seeing, every little thing helps!
For other ways to increase the rental value of your Chicago investment property, contact Landmark Property Management online or call today at 312-313-8553.