The build-to-rent (BTR) market continues to grow as more renters seek the benefits of single-family living without the responsibilities of homeownership. However, as demand increases, so do the challenges for owners and operators looking to maintain profitability while keeping operating costs low. One of the most effective ways to reduce maintenance expenses, improve efficiency, and attract tenants is by integrating smart technology from the ground up.
Cutting Maintenance Costs with Smart Tech
Long-term durability is a key focus for BTR operators. Using high-quality materials like LVP flooring and solid surface countertops can help minimize repairs, but property managers can take cost savings a step further with smart technology. By installing smart and smart-ready devices such as Swidget’s modular outlets and switches, BTR operators can actively monitor and maintain their properties with minimal intervention.
Smart sensors can prevent costly damage by detecting issues early. For example:
- Water leak sensors alert property managers to hidden leaks before they escalate into expensive repairs.
- Humidity sensors automatically activate ventilation to prevent mold and mildew buildup.
- Smart lighting and energy solutions help optimize electricity usage, reducing waste and lowering utility bills.
Implementing a standardized approach to smart technology across BTR portfolios enhances both cost efficiency and tenant satisfaction.
Smart Home Tech is No Longer Just a Perk
Renters today expect smart home features in their rentals. According to a recent presentation by Parks & Associates, 77% of single-family renters want their property manager to provide smart home technology, and many are willing to pay at least $30 more per month for it. This makes smart tech not just an operational cost-saver but also a revenue-generating opportunity.
How Smart Sensing Enhances BTR Operations
Installing smart home technology during the construction phase of a BTR community allows for seamless integration and future-proofing. A well-planned smart home strategy can:
- Improve tenant experience through increased convenience and personalization.
- Enhance security with remote monitoring and real-time alerts.
- Protect assets by proactively alerting on maintenance issues before they escalate.
For example, Swidget’s smart-ready outlets and switches can be installed in key areas such as kitchens, bathrooms, and living spaces to provide automated functionality:
- Humidity control: Smart switches with humidity sensors can automatically turn on exhaust fans to regulate moisture levels.
- Vacant property monitoring: Video camera inserts and online dashboards allow operators to monitor activity and respond quickly to security threats.
- Leak prevention: Water leak sensors immediately alert tenants and property managers while shutting off power to appliances to minimize damage.
Boosting Tenant Retention and Reducing Turnover Costs
Smart technology doesn’t just save money on maintenance it also helps retain tenants. Swidget’s modular system allows renters to customize their smart home experience by choosing features like lighting control, USB charging, fan automation, and so much more.
This adaptability ensures that BTR properties remain attractive to a broad range of renters, reducing turnover rates and vacancy periods. Tenants are more likely to stay in homes that evolve with their needs, resulting in long-term cost savings for property managers.
Simple Implementation for Maximum Impact
Deploying smart technology in BTR operations doesn’t have to be complicated. By following a structured approach, operators can streamline the process:
- Plan smart capabilities: Identify key areas where smart features, such as leak detection and vacant property monitoring, add value, and areas where tenants may want to customize their smart capabilities.
- Install smart-ready devices: Install Swidget’s modular outlets and switches in all the identified areas. For spaces requiring specific smart capabilities, insert the appropriate smart sensors into the Swidget devices, leaving the other devices available for customization by the tenant.
- Showcase smart features: Highlight the smart and smart-ready devices during property showings, emphasizing the benefits and customizability to tech-savvy renters.
- Simplify tenant onboarding: Upon move-in, provide tenants with their selected smart sensors and a Swidget quick-start guide to help them easily set up and enjoy their new smart home features.
- Streamline sensor management: Upon move-out, collect any provided smart sensors for reuse in future rentals, ensuring ongoing flexibility and long-term cost efficiency.
As the BTR sector expands, incorporating smart technology is a strategic investment that delivers both operational savings and enhanced tenant appeal. By leveraging modular solutions like Swidget, operators can reduce maintenance costs, optimize energy usage, and create a future-proof living environment that adapts to both tenant needs and property lifecycles.
Smart technology is no longer just a luxury – it’s a critical tool for increasing efficiency, lowering costs, and staying ahead in the competitive BTR market.
Want to learn more about how Swidget can help you future-proof your BTR properties? Contact us today!