In our previous deep dives, we explored how the Rently Resident Lifecycle Management (RLM) Platform captures interest in the Listing Phase and streamlines conversions in the Leasing Phase. But the longest,and most impactful, part of the journey is the Living Phase.
For property managers, this phase is about two things: resident retention and operational efficiency. Rently’s suite of smart home technology, integrated security, and software integrations turn your properties into modern, “sticky” communities that residents never want to leave. At the same time, these devices increase asset values and NOI, while saving on operational costs.
1. The Smart Home: Convenience as an Amenity
Today’s renters don’t just want a place to live; they want a home that works for them. 58% of renters would even give up pools and gyms for smart home technology. Rently’s smart home ecosystem provides residents with a single app to control their entire environment from anywhere in the world.
- Smart Thermostat & Lighting: Residents can automate their climate and lighting, saving on utility bills while enjoying premium comfort.
- Keyless Living: The same Access Panels and Smart Bolt Elite used for their initial tour become their everyday access points with unique codes for each resident. No more “locked out” calls at 2 AM or the expense of physical re-keying between tenancies.
- The Power of Automation: Residents can set “scenes” such as “Leaving Home” that locks the doors, turns the lights, and adjusts the thermostat with one tap.
- Visitor Access Control: Residents can use their app to grant temporary access for guests to access panels and their unit smart lock.
2. The ROI of Smart Home Technology: Boosting Your Bottom Line
When considering property upgrades, “smart home” often sounds like a luxury amenity. However, for property managers and owners, the true value lies in the Net Operating Income (NOI) boost. By integrating smart technology with Rently’s full RLM platform, you aren’t just offering gadgets; you’re lowering operating expenses and opening new revenue streams.
Direct Revenue Increases
The most immediate impact on ROI comes from the premium renters are willing to pay for modern convenience. Research consistently shows that a majority of renters (up to 82%) view smart home technology as a high-value amenity. On average, properties with smart home features can command $25 to $75 more per unit, per month in rent premiums compared to non-smart units.
Residents who enjoy the convenience of a smart home are also more likely to renew their leases. Higher retention rates significantly reduce the high costs associated with unit turnover, marketing, and vacancy loss.
Operational Savings
Smart technology automates the “hidden” costs of property management that often eat away at your profit margins.
- Eliminating Rekeying Costs: Every time a resident moves out, physical locks must be rekeyed—a process that can cost $50 to $100 per unit. With Rently’s Smart Bolt Elite, rekeying can be handled instantly by your own staff. For a 200-unit property, this can save thousands of dollars annually in locksmith fees and staff time.
- Energy Management: HVAC systems are the biggest energy consumers in any property. Smart thermostats allow managers to set energy-saving schedules for vacant units, preventing “A/C on full blast” in empty rooms. Properties using smart climate control see utility savings of 10% to 20% on average. Plus, by reducing unnecessary wear and tear, you extend the life of your HVAC units.
- Reclaiming Staff Time: By automating self-guided tours and vendor/maintenance access, leasing teams save an estimated 30–50 hours per month that would otherwise be spent coordinating keys and physically showing units.
Mitigation of Costly Damages
One of the most powerful ROI drivers is loss prevention. Smart leak sensors, smoke detectors, motion and contact sensors, and security cameras protect the physical asset from costly damage.
The average cost of remediating a water leak in a multi-unit property is approximately $12,000. Rently’s Leak Sensors detect moisture the second it appears, sending an instant alert to your dashboard and potentially saving tens of thousands of dollars in emergency repairs and insurance claims.
Leak, motion, and contact sensors are the cheapest and easiest to install smart devices. They can often be installed with an adhesive strip or screws. The savings potential these simple devices offer significantly outweigh their modest cost.
Strategically placed perimeter and doorbell cameras act as a visual deterrent against vandalism and package theft, while providing high-definition footage that allows managers to identify responsible parties and expedite insurance claims, significantly reducing the “out-of-pocket” costs associated with property damage and liability disputes.
The Payback Period
Many property operators investing in smart home technology see a positive ROI in as little as 1.2 to 2 years. Between the increased rent revenue and the drastic reduction in manual labor and energy waste, the platform pays for itself while simultaneously increasing the long-term value of your asset.
3. A Fortress of Security: Protecting the Community
A smart home is only as good as the security surrounding it. Rently provides a holistic approach to community safety that protects both the asset and the individual.
- Integrated Surveillance: Our Perimeter Cameras and Doorbell Cameras connect directly to our smart home portal and app. Managers can monitor common areas and connect video footage to access events, while residents gain peace of mind by seeing exactly who is at their door via the app.
- Total Access Control: We bridge the gap between unit and community.
- Access Panel with Intercom: Provides secure, video-verified entry for guests and deliveries at the main entrance.
- Access Panel Pro: Secures amenities and common areas like gyms, pools, and elevators, ensuring only active residents can enter.
4. Maintenance Without the Friction: Work Order Integrations
Maintenance is often the biggest pain point in the resident-manager relationship. Rently solves this by integrating our smart hardware with your existing maintenance workflows.
- Automated Work Orders (Entrata): When a smart device detects an issue, like a low battery in a lock, Rently automatically creates a work order in Entrata. No manual entry required.
- Seamless Tech Access (HappyCo): When a work order is generated in HappyCo, Rently automatically creates a temporary, durational access code for the technician. This eliminates “key tagging” and ensures maintenance can get in and out quickly and securely.
5. Contactless Move-Ins and Move-Outs
The “MIMO” (Move-In/Move-Out) process is notoriously clunky. Rently’s RLM platform integrates with Yardi, RentCafe, RealPage, and Entrata to make transitions entirely contactless.
- Move-In: Once a lease is signed in your PMS, Rently automatically triggers the resident’s digital credentials. They can move in on their own schedule without visiting the leasing office.
- Move-Out: When a resident’s lease ends, their access is automatically revoked in the system. You can then assign “vendor codes” for the cleaning and make-ready crews, accelerating the “Turn” and getting the unit back on the market quickly.
Connecting the Full Lifecycle
By the time the Living Phase concludes, your residents have experienced a seamless, tech-enabled lifestyle. This isn’t just a series of gadgets; it’s a unified platform that reduces your team’s workload while increasing the property’s value.
From the first click on a listing to the final move-out, Rently’s RLM platform ensures every step is optimized for the modern world of real estate. Schedule a demo with our team to see how Rently can help you optimize every stage of the rental lifecycle.
