Recent Parks Associates research highlights the power of pioneering technology in multifamily living areas, where modern demands require keeping up with technological advancements. The multifamily market is progressively becoming service-driven and that presents a huge opportunity for multifamily owners.
Benefits for Both Owners and Residents:
Residents and building owners alike stand to benefit from the integration of smart technology. From in-unit automation to enhanced convenience through features like cameras, security solutions, door locks, access control, smart parking spaces, and energy management, technology enriches daily living experiences in multifamily settings. MDU residents highly value these smart access device features due to their effectiveness in preventing break-ins, detecting intruders, cost-effectiveness, and flexibility.
A Breakdown of Benefits
Smart Thermostat:
Smart thermostats offer advantages to project management, such as the ability to monitor the HVAC system to help prevent emergencies, identify system issues, and remotely adjust temperatures in unoccupied units to prevent pipe damage. For residents, these devices enable remote thermostat control and the creation of preset temperature schedules, enabling energy savings.
Smart Door Lock:
Smart door locks allow property managers to showcase units or grant access for package deliveries without physically being present, saving time and effort. They cut the costs of key or keycard replacements and even prevent unauthorized entry to evicted residents. Residents can gain access to units without keys and provide temporary access to guests when they’re not home.
Positive Impact on the Rental Market:
The effects of installing smart home devices are substantial, with a reported 77% increase in rents and a 66% attraction of new residents.* Smart technology plays a significant role in reshaping the rental market.
Addressing Key Challenges:
Smart technology offers numerous benefits. However, to make the most of its potential and receive net positive results from the investment, some challenges must be addressed. These include achieving seamless integration, ensuring data security and privacy, providing technical support, and finding stable Wi-Fi connectivity.
Smart technology has the power to maximize efficiency and savings in multifamily living areas. By addressing challenges and leveraging the benefits of smart devices, multifamily residences can create top-tier living experiences.
*Tech Driving Savings and Operational Efficiencies in Multifamily Living,” Parks Associates, 2022
†Strategy Analytics, 2023