As a property owner, you probably don’t want to give renters the freedom to paint a dark blue accent wall or replace the kitchen cabinets with industrial shelving.
But to attract renters who are willing to pay a premium—and renters who will stick around long-term—property owners are looking to provide customizable extras that make an apartment feel special.
Smart home technology is an addition that’s simple to install without any permanent renovations or risk of DIY projects gone wrong. And because IOTAS connects to such a wide range of devices, renters can feel right at home, right away.
Owners who install IOTAS smart home technology are successfully raising their rent by at least 10%, filling units fast, and keeping units occupied.
Rental Demand is High and Renters Are Looking for Extras
The lingering effect of the 2008 housing crisis combined with the financial strain of student loans has people renting for longer instead of buying. And for many, even families seeking stability, renting just makes more sense.
According to real estate data firm Attom Data Solutions, renting a three-bedroom apartment is now more affordable than buying a median priced home in 59% of housing markets across the United States. Whether someone is single and working in the gig economy or raising kids with a partner and two steady incomes, home ownership is less and less of a priority for a range of demographics.
But that doesn’t mean people are willing to sacrifice a home that is comfortable and customized to their lifestyle. More than ever, renters want add-ons that make their apartment feel just right.
Which gives property owners an opportunity to fill rental units faster and at a premium—with the right approach.
A report from the Joint Center for Housing Studies out of Harvard University shows that smart home technology is expected “to be a major area of growth in the remodeling industry in the coming years.”
In surveying homeowners, they found that nearly half of those who would be undertaking home improvement projects in the near future were enthusiastic about incorporating smart home technology. And it’s no longer an upgrade limited to homeowners. Renters are looking for these connected customizations, too—and owners can easily provide it, at a premium.
IOTAS is a Seamless Integration That Renters Use Every Day
When the management team at Palomar Properties in Florida was looking for ways to upgrade available units, they discovered the value of smart home technology for renters. They partnered with IOTAS to offer smart home technology as an option to all new residents who would be able to connect up to 18 devices for a range of custom settings on their lights, locks, outlets, and thermostat. When presented with the option of a unit with or without smart home tech, new renters overwhelmingly chose the smart units with IOTAS.
New renters of smart units were gifted with an Amazon Echo, which enabled voice activation of all IOTAS connected devices. The ability to market open units with these modern perks makes Palomar Properties stand out.
“It’s amazing how this technology integrated seamlessly into my day to day life,” says Allison, a Los Angeles resident with an apartment featuring IOTAS smart home technology. “I was somewhat skeptical at first, but now I can’t live without it.”
With 35% daily active users, IOTAS proves renters don’t just buy into this technology. They love it, and they use it.
Owners Are Increasing Rent Premiums by 10% or More with IOTAS
Palomar is not a top-of-market property. But the addition of IOTAS allowed them to easily enhance their units and charge top-of-market premiums. Since they began offering smart home technology in December of 2018, rent has increased over $50 and their units are currently 96% occupied.
Property owners who install IOTAS are seeing a greater increase in rent compared to standard smart home tech because IOTAS easily pairs with renters’ devices for a connected living experience that is truly unique. While other systems focus on operational savings and efficiencies, IOTAS provides a true smart home experience that puts renters first, connecting to more of the devices they care about, like Amazon Alexa and Google Assistant.
“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.” And property owners are profiting off of that additional comfort.
Owners and managers can trust in the value of adding IOTAS smart home technology to make their property more competitive in the marketplace and welcome renters home.
Are you a property owner or manager who’s ready to fill units faster at a higher premium? Contact an IOTAS representative today.
IOTAS provides residents with a Smart Home solution that works right when they move-in and gives them the ability to control and monitor entry into their apartment units, cool/heat their home remotely, detect leaks, set routines & scenes, control lighting all through the IOTAS app or via voice using Amazon Alexa or Google Home. For building owners and property managers, the IOTAS platform equips them to effectively monitor and streamline intrinsic building operations by automating energy savings and day-to-day operations such as managing vacant units and common areas. IOTAS has been recognized by Fortune, Wired, ABC, NBC, FastCo and more as the new way of building and renovating residential real estate.