“Smart Home Tech” might sound like something from the future, a luxury that only the wealthy can afford—but if you’re a multifamily apartment complex manager, it’s time to understand that the future is already here.
These days, smart home technology is more than just a “fancy perk” that attracts high-income renters to live in multifamily luxury units. In fact, smart home tech is rapidly becoming a requirement for all demographics. Across all income demographics, earners are willing to pay a considerable amount more in additional rent to live in a unit with smart home tech.
Don’t believe us? Let’s take a closer look at why everyone wants smart home technology.
What the Experts Say About Smart Home Tech for Multifamily Apartments
The website THINK REALTY offers some illuminating perspectives on smart home technology and multifamily apartments from Debbie Kimball, Senior Account Manager at PointCentral. Here’s what Kimball says:
- Sixty percent of multifamily renters want smart home tech: More than 60% of multifamily property renters are willing to pay extra for advanced technology features.
- It’s not about energy savings: Property managers push the energy-saving benefits of smart home tech when advertising features to would-be renters, but this isn’t the primary motivator that makes families want smart tech amenities.
- It’s all about remote access, video monitoring and a greater sense of safety and security: The primary reasons why multifamily renters want smart home tech are to remotely grant access to people such as dog walkers, repair staff or guests—, to monitor their kids by knowing when they get home after school, and to check on the safety of their homes from afar.
Renters Are Not the Only Ones Who Benefit: Property Owners Benefit, Too
The personal preferences of multifamily renters aren’t the only reason why property managers should consider smart home tech for their units. There are certain tech features that can save large-scale property owners hundreds of thousands of dollars, if not millions, per year.
Here are three smart tech essentials that can help your bottom line:
- Smart water valve systems: A broken water pipe on the back of a toilet, under a sink or connected to a washing machine can wreak havoc on a multifamily apartment complex. Damage from a broken pipe can extend to the units below, potentially displacing renters and requiring hundreds of thousands of dollars in repairs. A smart water valve system monitors water flow and cuts the supply to minimize the extent of damage when a water pipe breaks.
- Smart thermostats: Smart thermostats are particularly useful for vacant units because they allow property managers to monitor and control temperature and humidity levels in empty units remotely. These systems let you set thermostats for maximum energy efficiency while protecting units from damage related to extreme temperatures and humidity.
- Smart HVAC equipment: Smart HVAC systems send property managers an alert as soon as an HVAC system requires maintenance. This keeps HVAC systems in good working order and prevents small problems from turning into expensive disasters. Smart HVAC systems can also protect HVAC equipment by setting limits and controls that prevent renters from abusing them.
- Keyless smart lock systems: Keyless smart lock systems are another cost-saving opportunity. Renters love keyless smart lock systems that let them grant remote access to maintenance people, guests, dog walkers and babysitters. For property managers, keyless smart locks mean rental property employees don’t have to be on call to show up with replacement keys whenever a renter loses a key. When there’s no key, there’s nothing for renters to lose!
If you’re thinking about adopting smart home technology in the multifamily housing units you manage, you’re not alone. A recent survey of 200 property managers found that most are in the process of adopting smart home tech in their units. Here’s what the survey revealed:
- 77% are implementing smart locks.
- 75% are implementing smart thermostats.
- 71% are implementing smart lighting systems.
- 66% are implementing smart washing machines and dryers.
- 70% are implementing smart water valve systems.
- 69% are implementing smart home energy systems.
PointCentral: Enterprise-Grade Smart Technology for Property Managers
PointCentral smart property automation systems give managers the ability to monitor and control thermostats, HVAC equipment, remote access, video surveillance and more—for thousands of units no matter where they happen to be. Not only does PointCentral benefit property managers, but it benefits renters too, making units more comfortable, attractive and stylish to would-be leasers.
If you’d like to learn more about smart rental property management systems, contact the PointCentral team today!