2024 Proptech: The top rental tech innovations to streamline operations & maximize ROI

Rental experts worldwide have started to recognize the value of automation, machine learning, and AI—in fact, over 50% of property managers are looking to modernize their operations in 2024. 

This surge in interest is reflected in the projected growth of the proptech market, expected to reach $5571.3 million by 2030. As companies continue to realize the value of streamlining operations and enhancing security in property management, investing in technology has become a necessity for scaling and growth.

Your technology investments should always be about making your life easier, which means finding the right device for your needs is a purchase that shouldn’t be taken lightly. 

In this article, we’ll dive into the four must-have smart tech systems in 2024, and reveal the leading platforms and products, to ensure you’re getting the most from your investment.

4 must-have rental tech systems

A quick Google will reveal there are a lot of rental tech companies that claim to be a ‘must-have’. However, we’ve reduced the long list to just 4 key systems that we believe really will make or break your investments: Guest access tech, noise and occupancy monitoring, cigarette smoke detection, and leak detection. 

Here are the front runners for each system.‍

1. Enhance security and convenience with guest access tech

Secure guest access should be a fundamental part of your rental property management. Providing tenants with a simple and secure way to manage guest access not only enhances their living experience but also plays a crucial role in ensuring the safety and security of the property.  

Fortunately, there is a wide range of security tech solutions specifically designed to address the unique needs of rental properties. These solutions leverage cutting-edge technology to provide secure and convenient guest access while minimizing administrative burdens for property managers. 

Guest access tech recommendations

1. Smart locks: Brands like Nuki, Schlage, and Yale offer smart locks that allow tenants to grant temporary access to guests via smartphone apps or PIN codes, enhancing security and convenience.

2. Keyless entry systems: Consider keyless entry systems from companies like Kisi and RemoteLock, which provide secure access control solutions with remote management capabilities.

3. Cloud-based access control platforms: Explore cloud-based access control platforms like Brivo and Latch, which enable property managers to manage access permissions remotely and integrate with existing systems.

4. Video intercom systems: Implement video intercom systems from reputable brands such as Aiphone and Ring, which combine audiovisual communication with remote door release functionalities for added security.

5. Smart access management software: Use access management software like KeyNest and Igloohome to centrally manage access permissions, track access logs, and streamline guest access processes.

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2. Safeguard properties with noise and occupancy monitoring

Noise and occupancy monitoring systems offer invaluable benefits for long-term rental property owners, ensuring a peaceful and secure living environment while safeguarding property assets and reputation within the community.

Rather than relying on intrusive security measures, devices like Minut provide a privacy-conscious solution. Minut’s systems do not record audio, capture visuals, or infringe upon tenants' privacy rights. Instead, Minut uses industry-leading sensors and machine learning to understand the occupancy rates and noise levels of your property.

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• Noise monitoring: Minut can detect sustained high decibel levels, such as prolonged loud music, even outdoors. The device will alert you when levels exceed a certain threshold so you can prevent disturbances, maintain relationships with neighbors, and ensure limited damage to your property.

• Occupancy monitoring: Minut’s innovative Crowd Detect technology tracks the number of wireless devices within your property. An unusual surge in device count may signal unauthorized gatherings or disturbances. Upon detection of unusual activity, Minut's Guest Connect system intervenes with polite reminders of rental rules, resolving the majority of issues promptly and effectively.

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By automating your noise and occupancy monitoring with an unintrusive platform like Minut, property managers can spend less time worrying about the security of properties, and more time scaling their property portfolios.

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How global property leader, Kasa, uses Minut to monitor properties in over 50 cities

With a portfolio spanning Europe and Asia, Kasa needed to find an efficient way to manage its properties. Kasa’s mission is to provide safe, secure long-term rentals for tenants around the world, and it needed to ensure this without compromising its tenants’ rights to privacy. 

The property company discovered that Minut’s monitoring solutions not only allow the team to detect and prevent disturbances and property damage, but the analytics feature also enables Kasa to understand any trends and patterns in tenant behaviors. 

“Safety is fundamental to Kasa and our communities, but we chose Minut not only because it enables our dedicated Trust and Safety team to swiftly respond to disturbances. We also partnered with Minut because it helps us expand our knowledge of problematic behavior beyond human observation, strengthening our ability to predict problematic stays before they occur.”

• Drew Millum, Director of Community Impact at Kasa

Read Kasa’s full story

3. Minimize damage costs with cigarette smoke detection

Integrating cigarette smoke detection technology into rental properties offers numerous benefits that directly contribute to maximizing ROI. 

Enhancing safety measures and preventing property damage helps managers reduce insurance claims, liabilities, and turnover expenses, not to mention the costs associated with yellowing and foul-smelling furniture.

Minut’s smoke detection sensor uses advanced machine learning to Minut's cigarette smoke detector uses advanced machine learning algorithms to identify smoking incidents and minimize damage promptly.

• Tenant safety: While most property managers recognize tenants’ right to smoke outside of a property, cigarette smoke inside poses significant health hazards and fire risks, making early detection essential for tenant safety. Minut's real-time sensors enable property managers to intervene swiftly and mitigate potential risks to tenant well-being.

• Property protection: Cigarette smoke can cause extensive damage to rental properties, leading to staining, odors, and costly cleaning efforts. By detecting cigarette smoke early on, Minut ensures property managers minimize damages, preserve property value, and reduce maintenance costs, maximizing ROI over the long term.

4. Optimize comfort and save on energy bills with indoor climate control

Effective climate control involves more than just setting the thermostat. It requires real-time monitoring and management of indoor temperature and humidity levels to create an environment that fosters productivity, health, and overall tenant comfort. 

Fluctuations in temperature and humidity can lead to issues such as mold growth, discomfort, and even health hazards for occupants. So having a smart sensor like Minut, which can detect and address these fluctuations in real time, is essential for maintaining a healthy and habitable living space.

With indoor climate control technology, property managers can:

• Promote safety and well-being: Maintaining stable indoor temperatures and humidity levels is not only crucial for tenant comfort but also for safeguarding property assets and mitigating health risks. By sensing temperature and humidity issues early on, property managers can minimize property damage, liability risks, and potential health-related complaints from tenants.

• Attract and retain long-term tenants: Properties equipped with advanced climate control systems, such as Minut's indoor climate control sensor, stand out in the rental market, attracting discerning tenants who recognize that their property manager wants to prioritize their comfort and well-being. Maintaining consistent and comfortable indoor conditions enhances tenant satisfaction and helps foster relationships, ultimately reducing vacancy rates and the associated turnover costs.

• Achieve energy efficiency and cost savings: Did you know lowering your property’s temperature by just one degree can reduce energy use by about 10%? Climate control technology is all about enabling property managers to optimize energy usage and reduce utility costs. Minut’s indoor climate control system integrates directly with tado°, so property managers can automate temperature control in their properties, monitor real-time temperatures, and receive alerts for drastic changes and unsafe temperatures. Have peace of mind that Minut is reducing your energy bills and carbon footprint. 

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5. Prevent damage and costly repairs with leak detection systems

Water damage poses a threat to property integrity, results in costly repairs, is highly disruptive to tenants and can cause potential liability issues.

The good news is, leak detection systems can put a stop to water damage before it gets out of control. Leak detection systems typically use sensors placed in strategic locations throughout a property to monitor for the presence of water or moisture. These sensors can detect even small leaks or changes in humidity levels, triggering alerts to notify property managers of potential issues.

When a leak or abnormal moisture level is detected, the system sends an alert to the property manager via a smartphone app, email, or other notification method. 

Some more advanced systems may also feature automatic shut-off valves that can stop water flow to prevent further damage. 

4 of the top leak-detection smart systems:

1. Flo by Moen: A comprehensive leak detection and water monitoring system that provides real-time alerts and insights to help prevent water damage and conserve water usage.
   
   
2. Phyn Plus: An intelligent water monitoring system that detects leaks, monitors water usage, and provides detailed insights into water consumption patterns to help property managers optimize water usage and prevent damage.
   
   
3. Guardian by Elexa: A more advanced, wireless leak detection system that offers customizable alerts, automatic shut-off capabilities, and remote monitoring via a mobile app, providing peace of mind and protection against water damage.
   
   
4. Honeywell Home Water Leak Detector: An affordable and easy-to-install leak detection device that alerts property managers to potential leaks or water damage, helping to prevent costly repairs and property damage.
   

By detecting and fixing leaks promptly, property managers can avoid the need for major renovations or structural repairs, and avoid rental vacancies, saving both time and money. 

Smart tech is essential for maximizing ROI in the property industry

The integration of smart technology is no longer just a luxury. From advanced security solutions and climate control systems to leak detection and occupancy monitoring, smart tech offers huge benefits to property managers and tenants, that directly impact the bottom line.

By leveraging the power of innovation and machine learning, property managers can spend less time monitoring their properties, and more time scaling portfolios, discovering new opportunities for growth, and focusing on sustainability. 

Ready to find out how Minut is transforming the rental industry for property managers around the world? Book a demo with one of our experts, we’d love to chat.