Smart Homes Elevating Multifamily Living

Summing It Up: Providing a Premium Experience

Connectivity and smart home tech are driving a transformation of multifamily housing. Multifamily properties are embracing transformative technologies and connected use cases to better meet the needs of residents and to improve their internal operations. Changing lifestyles have increased internet needs among consumers.

Property managers and owners perceive strong business benefits from installing smart home devices throughout their properties. These benefits include increased resident satisfaction, increased rental revenues, improvements in operating efficiencies, and an increased ability to attract and retain residents.

Those who do not currently use devices tend to expect lower rental increases. Additionally, 87% of property managers expect to achieve ROI on smart home investments in two to three years.

Ninety-five percent of property managers perceive smart home devices can increase rental fees by between 5% and 30%.

Smart home builders also perceive MDUs as a potentially lucrative channel for new business. A strong, reliable property network is now considered essential when building a smart property. Smart home builders must start there to appeal to both property managers/owners and residents, who are widely embracing and expecting smart apartment and smart community solutions. Building the infrastructure and networking at construction allows users to add or change the solutions and applications that rely on connectivity as resident needs and expectations change.

To gain a competitive advantage, players in the multifamily space continue efforts to discern which smart home use cases and value propositions are most highly valued. They must also understand how the need for dedicated networks impacts apartment dweller retention and attract the most valuable market segments.

Offering bulk broadband, managed Wi-Fi, and IoT solutions are imperative to deliver a premium resident experience. Properties that can meet advanced connectivity needs with top smart solutions and services will reap the greatest return on investment.

Download our complimentary white paper, “Smart Living: Elevating the Resident Experience,” developed in collaboration with Cox Communities . This white paper highlights new ways to serve residents with enhanced experiences across all property classes. It investigates how builders, property owners, property management firms, and HOA and condo management firms are investing in new broadband and Wi-Fi networks and smart device deployments to offer their residents a premium experience. The research uncovers key consumer segments and expectations for smart home experiences and amenities requiring always-on broadband.

Download now: https://tinyurl.com/2v5hr26u

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