Did you know that 10.6 million Americans declared rental income from around 17.7 million properties at tax time? That means approximately 7.1% of 1040 filers may be landlords.
Depending on the rental market dynamics where you live, the demand may exceed the supply, the supply may exceed the demand, or the demand and supply might be fairly even. Whatever the situation, you must know what tenants in your area value most in their rental units. Working with a property management firm can help you maximize your real estate investment.
One thing everyone has near the top of their list of must-haves is safety. And the good news is there are some simple ways to fortify rental units without turning them into prison camps.
Keep reading to see five ways to make your rental property safer for tenants.
1. Smart Locks
One option is to get smart locks. After installing smart locks in the rental units, your tenants can lock and unlock the doors remotely using their smartphones. It can be a godsend if they are at work and want to let their kids in the house after school. Another use case would be people with mobility issues who want to check if their doors are locked but have difficulty getting around.
According to Grand View Research, the worldwide smart lock market is expected to expand at a compound annual growth rate of 19.6% from 2023 to 2030. It could be worth $8.13 billion by the end of the forecast period.
2. Smart Doorbell Camera
Another security option sure to delight tenants is a smart doorbell camera. The worldwide doorbell camera market was worth $2.25 billion last year and is on pace to reach $4.69 billion in 2032, according to Straits Research. That represents an 8.52% compound annual growth rate.
Doorbell cameras offer many advantages. Tenants can see who’s at the door without physically going to the door. So, if they’re cooking in the kitchen, watching TV, or resting in bed, they can see who is at the door by looking at a video feed on their smartphones.
It’s also the perfect technology to see when packages are delivered and can be used to provide video evidence to the authorities if there’s an issue. Another benefit is that it can deter thieves. Criminals prefer easy targets. A home with a doorbell camera is anything but an easy target.
3. Smart Lights
Smart lights are convenient. But they offer more benefits than that. For instance, they can make your rental properties safer for tenants. Tenants can set things up so the smart lights cycle on and off at different times. If there are burglars in the neighborhood, they will focus mostly on homes that appear to be unoccupied. So, rental properties equipped with smart lights that cycle on and off will appear occupied even if tenants are away.
MarketsandMarkets reports that the global smart lighting market is worth $9.5 billion this year and will reach $18 billion by 2029. So, the market dynamics look bright indeed.
4. Smart Home Security Alarm
Every home needs a security alarm system. But you can go a step further with a smart home security setup. Fortune Business Insights reports that the worldwide smart home security segment was worth $25.55 billion last year. It could expand from $29.04 billion this year to $93.14 billion by 2032. If safety and security are what you want, install a smart home security system in your rental unit. Such a system will deter criminals and detect break-ins.
5. Smart Security Cameras
Did you know the smart home security camera market in North America was worth $2.99 billion in 2022? It could grow at a 19.8% compound annual growth rate from 2023 to 2030. Installing such cameras outside your rental units can make tenants feel safer. Tenants can also use their smartphones to watch the video feeds remotely if a sensor picks up unusual activity outside.
These are some ways you can make your rental properties safer for tenants. Smart technology is more accessible than it’s ever been. Installing it in your investment properties can be a key differentiator for tenants who put security on the list of things they want in their rental units.
