THERE ARE TWO WAYS A PROPERTY OWNER CAN IMPROVE THEIR NOI ON A RENTAL PROPERTY:
Increase Revenue
Decrease Operating Costs
The owner can either increase the rent they charge, reduce their vacancy or some combination of both.
Decreasing operating costs always comes down to improving efficiency.
Investing in technology is a great way to check these boxes. Smart video intercoms and companion cloud software, for example, make properties easier to manage and more appealing to renters. TODAY’S RENTERS VALUE SECURITY AND THE CONVENIENCE OF KEYLESS ENTRY
Real estate investors who want to attract and keep today’s renters need to offer the digital amenities this generation expects. This includes mobile access credentials and smart phone apps for guest management and keyless entry. 61% of Gen Y respondents to Schlage’s Industry Insight Survey ¹ are more likely to rent a unit because of electronic access, such as keyless entry. 63% of Gen Y would move out due to a lack
of security. And 1 in 4 residents would pay over $31.00 a month to get the high-tech apartment they want, according to the survey What Apartment Renters Actually Value.² So, the relationship between the internet-enabled security and convenience that today’s renters want and the ability of property owners to keep high-value residents is aligned with improved NOI.
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