General, Technical / Innovation
Smart Homes for Landlords
Mar
With the fact that one in five people in the UK & Ireland are now renting their home, landlords are continuously on the look out for opportunities to make their rental properties more desirable and of greater rental value.
In a 2021 survey conducted by ‘Wise Living Homes’ of over 1000 renters across the UK, 20% of renters said they would be willing to pay up to 10% more in monthly rent for ‘Smart Features’ in their rental home. These Smart Features include Smart Lighting and Smart Heating.
Considering the average UK rent is £982pcm (excluding London), this means the average tenant is happy to pay an extra £1178 per year in rent!
In non-monetary affecting changes, 75% of those surveyed stated they would look for Smart Lighting and Heating whilst searching for an ideal rental home. In addition 74% of people wanted to see a Smart Security System in their rental home.
Interestingly, the trend was as great with 18-34 Years olds as it was with those of the 50+ age bracket thus demonstrating a clear desire for ease of living, means to control/reduce property running costs and a requirement for safety.
For the landlord, the initial outlay in providing such infrastructure can be as little as £2-3,000 meaning a payback in less than 3 Years whilst achieving the long-term annual rental increase of 10%.
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Article & Survey credit to Wise Living: www.wiselivinghomes.co.uk/smart-renting
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