- By Courtney Baldwin
- In MDU Low Voltage, Smart Apartment
- Tags accesscontrol, doorlock, forbes, gadgetlife, gadgets, homeautomation, homesecurity, nynews, security, smartdevices, smarthomes, smarthometech, smarthometechnology, smartliving, smartlock, Smarttech, smarttechnology, techgadgets, techindustry, techlover, techlovers, technology, techtrends
How much can property managers charge in additional rent for smart technology solutions in multifamily?
The use of smart technology solutions in multifamily properties has been on the rise in recent years, and property managers may be wondering how much they can charge in additional rent for these amenities.
First and foremost, it’s important to note that any additional rent charged for smart technology solutions must be in compliance with state and local laws, as well as any lease agreements in place. It’s also important to consider the cost of the technology and how it will benefit the tenants.
One way to charge for smart technology solutions is through a “technology fee” added to the tenant’s monthly rent. This fee can be a flat rate or a percentage of the rent, and should be clearly outlined in the lease agreement. For example, a property manager may charge a $50 monthly technology fee for access to smart thermostats, smart locks, and a resident app with features such as package tracking and online rent payments.
Another option is to charge a one-time fee at move-in for access to the technology. This can be a flat fee or a percentage of the security deposit. For example, a property manager may charge a $500 one-time fee at move-in for access to smart thermostats, smart locks, and a resident app.
It’s important to consider the market demand and competition when determining how much to charge for smart technology solutions. Researching similar properties in the area and their technology fees can provide a benchmark for pricing.
It’s also important to communicate the value and benefits of the technology to potential and current tenants. Smart technology can improve their living experience and make daily tasks more convenient.
In conclusion, property managers can charge additional rent for smart technology solutions in multifamily properties through a monthly technology fee or a one-time fee at move-in. However, it’s important to comply with state and local laws, consider the cost of the technology, and research market demand and competition before determining the fee.
