It’s no news that technology is completely changing the way live our lives on a day to day basis, but what not many have come to realize is how technology has come to completely change the way we live and function in our own homes.
Homes that embrace the newest forms of technology are call “smart homes” and they’re becoming the new craze. Residential home builders aren’t the only ones embracing these new and innovative technological advances, but so are multi-family property owners.
In fact, the “smart home” industry is projected to reach a value of more than $40 billion by 2020 according to a report conducted by Statista. Only further proving that the popularity of these new and efficient technologies will continue to increase in time.
The term “smart home” defines all of the new and innovated interconnected devices within a home that not only make living there pretty dang cool, but most importantly allows for a more financially and efficient way of living. Investors and property owners alike are embracing this new form of living by adapting and building new properties to accommodate these amazing new technological advances. Many of which include adding: smart thermostats, smart door locks, USB outlets, efficient lighting and digital control panels, cameras, and voice control solutions.
Multi-Family properties like Miami’s Pensam Residential plans to create “smart home” package classes, that each offer a number of different features depending on what a tenant can afford. Including a high-premium package that includes lighting controls, cameras, and voice control solutions. Other property owners are taking a different approach by adopting technology that allows tenants the ability to text the property’s land land to request maintenance repairs or to discuss any property issues.
Not only does embracing these new technologies benefit a tenant, in fact it benefits you as a property owner too. These new technologies are not only effective in attracting the attention of tenants and keeping them, but additions like smart thermostats and LED lighting can actually help save money. Now implementing some of these features doesn’t necessarily come cheap, but frankly many new tenants demand such features and amenities and are more than willing to pay the extra price in order to have them. Which only means that you should be willing to implement them, especially if you want to continue to attract new tenants who are increasingly becoming more tech savvy.