DO SMART HOME DEVICES INCREASE YOUR SAN FRANCISCO RENTAL VALUE? San Francisco Property Management Help

April 29, 2022

“Alexa, how can I increase my rental value?”

Here’s an idea: incorporate smart home devices into your San Francisco rental property. You will find that not only are you able to charge a bit more in rent - you’re also likely to spend less on vacancy and turnover. Tenants will be eager to rent a property that lets them live the digital lifestyle.

The trick is knowing which smart home features will bring you the best results.

WHAT DO WE MEAN BY ‘SMART HOME DEVICE’?

Here’s some trivia for you, we don’t call them smart devices because of their wisdom.

The acronym “Smart” comes from “Self-monitoring, Analysis, and Reporting Technology.”

We’ve had this technology for years (think GPS or Google). When we talk about smart home devices, however, we mean adjustable thermostats, security cameras, door locks, digitally capable appliances, lighting and music systems that sync to phones.

1. SMART LOCKS AND SECURITY SYSTEMS

Security is important to you, your tenants, and your property. Investing in smart home technology that makes your building safer will really pay off in the long term. Not only can you increase the rent you charge, you also have a chance to reduce your operating expenses.

For example, with a smart lock you don’t have to make new keys during every turnover. Simply re-program the lock. Some keyless entries can be operated by phone.

Motion detectors and video doorbells are also extremely popular with tenants. They won’t cost you more than a couple hundred dollars to install.

2. SMART THERMOSTATS AND ENERGY EFFICIENCY

Reducing waste is becoming more important than ever for modern tenants. It can also keep your long term costs down. So, invest in smart home devices that help you regulate the amount of energy that’s being used in your rental unit or building.

Smart thermostats are especially attractive. Tenants can better control their heating and cooling settings, depending on the time of day and whether anyone is home. Upgrading your light bulbs and your appliances will also make your property more valuable. Tenants will love turning on the dishwasher from the upstairs bedroom or setting the coffee pot to begin brewing before they wake up.

3. PROVIDE A HUB FOR SMART HOME TECH

Each tenant might have their own preferences when it comes to smart home technology. If you provide a hub, or a central command center for all smart home devices, your tenants can bring their own. Voice commands and remote controls through phones and apps will sync the hub to the various speakers, tablets, televisions, and computers that the tenant moves into your rental home.

It’s more than money: Smart home tech provides other benefits

The increased rental value is great, but with some of this smart home technology, you’re also attracting benefits like better security, lower turnover expenses, and higher tenant retention. Your residents want to stay connected. Keep them in place by providing what they need, especially when other San Francisco rental units do not.

SAN FRANCISCO PROPERTY MANAGEMENT ADVICE

We’ve invested pretty heavily in technology ourselves at BanCal Property Management, so we know what’s out there and what works best. If you’d like us to provide an analysis of your property and make some recommendations, we’re happy to.

To hear more about our leasing and management services as well as our assistance with all things tech-related, please contact us. We also welcome your comments, questions, and suggestions for topics you want to learn about, so please share those too. Which smart home devices can you not live without?

Author - Kelli Smith

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