When it comes to home and apartment upgrades, the smart thermostat is steadily growing in popularity. This device looks similar to a regular thermostat but allows users to make precise adjustments and changes, either manually or remotely. You can automate the settings so the thermostat heats and cools your home on a set schedule, or you can program it to learn your schedule and make minute adjustments on its own.
For example, you can set your thermostat to turn on the heat every weekday at 5:45 PM, 15 minutes before you get home from work. Or, you can set the temperature of your thermostat remotely, like if you’re coming home from a holiday and don’t want to arrive to a freezing cold house.
Being able to make these minute changes doesn’t just offer more comfort. It can help save huge amounts on the home’s monthly heating and cooling bill. Although they’re generally more expensive than a standard thermostat, they’re just as easy to install and work with most heating and cooling systems.
How Much Does It Cost?
A smart thermostat costs anywhere from $100 and $300, with installation costs ranging depending on what type of contractor you hire. Be aware that although an electrician may be able to hook up the wiring to draw power to the thermostat, you should always opt for someone with HVAC experience to ensure that your thermostat can be successfully integrated into your heating and cooling system.
If you want to install a smart thermostat in an older home, you may need to pay for more of your contractor’s time. It generally takes a bit longer to integrate the smart unit into homes with high voltage systems or older wiring.
Smart thermostats work best in homes with central heating and cooling, although you can still find some brands that are compatible with baseboard or blower-type heating.
Why Choose a Smart Thermostat for Your Rental
There are many benefits to choosing a smart thermostat for your rental. Here are some reasons why we often make this recommendation to landlords working with our property managers in Windsor.
It Helps Save on Heating Costs
The reason most people decide to switch to a smart thermostat is because of the savings it offers on their energy bill. Even if your tenants are responsible for paying for heating and cooling costs, it’s a huge incentive to them to pick a place where they know they’ll be able to exert some control over their monthly bill.
Raise the Rent
Homes that are equipped with smart home features are much more desirable for incoming tenants, and as a result, landlords can charge a higher monthly rent. One survey of renters showed that 23% of individuals surveyed believed that smart home features were worth paying more for in rent, and that number gets even higher if you’re renting to young adults and students.
That same survey showed that 71% of millennials were more interested in homes that had tech-enabled smart home features. Even the majority of older adults aged 67+ were more likely to choose homes with smart-home features, as long as they were intuitive.
In addition to lowering your energy costs, installing a smart thermostat is also a beneficial move when it comes to the environment. By prioritizing energy efficiency, your smart thermostat can reduce consumption at peak times, driving down the cost of your energy bill and lowering carbon emissions.
Many smart thermostats also have robust reporting and energy use tracking features. This offers users the opportunity to track their peak usage and make subtle adjustments that would be difficult to identify without these reporting features.
Making Smart Upgrades
A smart thermostat might not be the most obvious upgrade you can make for your rental, but it’s a great choice for any landlord. Not only will you save money on heating and cooling, you’ll also attract discerning renters who are on the lookout for intuitive smart home features that can make their lives easier. By spending as little as $100, you can make your home stand out among thousands of other listings.
Want to learn more about the upgrades we often suggest to savvy landlords in Windsor and Essex County? Check out our blog for more resources.