Summer is here, and many people are trying to determine how to save a little bit of money on their energy expenses. Technology has been helping homeowners for some time now. But now the good news is that we are seeing the rise of new technologies specifically in the home rental market.
We are beginning to see two trends collide. For one, the number of people who continue to rent is on the rise, with some reports suggesting the renter population is up by 84% in the past decade. At the same time, the smart-home technology segment is also on the rise. We see revenue in the smart-home market is expected to grow at a rate of 10.22% through 2027.
So, then, it becomes natural that more rental properties are becoming equipped with smart home solutions that attract renters. In rental properties, smart-home technology can help people decrease energy costs and use power more efficiently—and of course that is simply one benefit of smart-home technology for rental properties. We continue to see advantages for both the renters and the property management companies.
As one example, Leaf Living has launched its newest high-tech family homes for rent in England. The homes offer automation technology for families who are looking to rent. The benefits of the technologies are vast such as heightened security options that are not usually provided in the traditional rental home market.
To provide all of this, Leaf Living partnered with SmartRent to offer technology in all properties to give families the ability to control their home from their phones. Renters have the ability to lock and unlock the front door, issue one-time access codes to visitors, set and control the heating, as well as the install Ring camera doorbell and security alarm.
SmartRent suggests home devices like smart thermostats, lights, and switches can be used during the summer months to lower electricity bills, keep cool, and protect the environment.
While the benefits for the renters are rather obvious here, there are also benefits for the property management companies as well. SmartRent offers smart-home solutions that integrate with a wide range of smart-home hardware, as well as with most property management and CRM (customer-relationship management) tools.
In the case of Leaf Living, it is also taking advantage of SmartRent’s Self-Guide Tours, which means visitors can take their time with their viewing, leading to more conversions. What is also pretty cool here is Leaf’s property managers can also remotely monitor utilities systems and do predictive maintenance, often before the resident notices there is a problem.
Certainly, this is simply one example. We are seeing the rise of smart home technology in all walks of life. Property managers that want to remain competitive will offer similar technologies to families looking to rent homes.
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