Increasing Rent Premiums with IOTAS Smart Home Customizations
Imperial Village – Palomar Properties
Renters at Palomar Imperial Village enjoy a stunning property where towering palm trees stretch skyward, and salty coastal air drifts across manicured lawns. Consisting of 12 buildings with 12 units each, Imperial Village is located in a deed-restricted neighborhood in Seminole, Florida, with a communal vibe and high-end amenities, including a pool with a stylish patio and a 24-hour fitness center.
The vintage, concrete buildings have been retrofitted with upgraded kitchens, granite countertops, steel appliances, and ceramic tiles. Each apartment comes with a private, screened-in balcony or patio, so that fresh Florida air and views of the tropical property are never further than a step outside.
Sixty-eight units are currently outfitted with IOTAS smart home technology, and as units turn over, hubs are now included in all new leases.
“Being in an apartment, usually all you can do is screw in a light bulbs, but people want to obtain more of a ‘home’ atmosphere. IOTAS makes it feel like home.”
Property Manager at Imperial Village
The Challenge: Increasing Rent in a Resort-Style Florida Community
The location of Imperial Village, just two miles from Indian Rocks Beach on the Gulf of Mexico, is an easy sell. Residents enjoy close proximity to dining, shopping, and miles of sandy beaches along the Gulf Coast. But the management team at Palomar Properties was looking to offer something extra to make renting feel more like being “home”—a lifestyle upgrade that would justify an increase in rent on available units.
The Solution: IOTAS Entices Renters to Make Imperial Village Home
Palomar’s Imperial Village implemented IOTAS smart home technology for all new residents starting in December of 2018. Upon move-in, renters are given their IOTAS Hub. Once wifi has been installed, they can connect and control up to 18 devices for a range of custom settings on their lights, locks, outlets, and thermostat. New residents also receive an Amazon Echo Dot as a move-in gift, enabling voice-control of all devices connected to their IOTAS Hub.
Rent has increased at least $50 on available units since the implementation of IOTAS, and renters are loving the smart apartment capabilities of their new homes.
The smart home technology is an added incentive for renters to stick around, and it’s helping management fill empty units faster. In March, 2019, units at Imperial Village were 88% occupied. Today, they’re 96% occupied.
“Being in an apartment, usually all you can do is screw in lightbulbs,” notes Property Manager Mandy Harrison. “But people want to obtain more of a “home” atmosphere. IOTAS makes it feel like home.”
Average Occupancy Before IOTAS
Average Occupancy After IOTAS
$50 per unit per month
New residents also receive an Amazon Echo Dot as a move-in gift, enabling voice control of all devices connected to their IOTAS hub.