In the US alone, it’s predicted that by 2025 smart home revenue will reach $47 billion, double what it was in 2020. This year the country’s smart home forecast is 63 million connected homes (which is almost half of all households).
It’s undeniable that tech-advanced accommodation is in high demand, and it’s hardly a surprise when every other element of our lives is hyperconnected. We’ve experienced the benefits of on-demand solutions – now there’s no going back.
While single households benefit greatly from smart home technology, they barely scratch the surface of what smart connectivity can really do. For example, in larger-scale properties, such as multifamily apartments, this innovative technology shines.
So, for those who’ve yet to join the tech revolution, let’s dive into how smart homes have created the perfect learning opportunity for property managers to take a rental business to the next level.
3 key learnings from household smart home technology
1. Convenience is a must
All across the globe, people are using IoT-connected smart devices. Whether it’s for security or property control, consumers have lapped up the convenience of these solutions.
One of the most popular household amenities is the smart thermostat. Used to monitor energy consumption, the device enables residents to remotely adjust the temperature of a property wherever they are through their mobile phone. Gone are the days of arriving home to a cold house, now residents can simply pre-set or boost the thermostat to reach a desired temperature prior to arrival.
Now imagine this convenience on a bigger scale. Imagine being able to control the temperature of every single one of your properties from your mobile device. Imagine scheduling thermostat routines to automatically do the work for you. Imagine how much money it could save you…
And even better – imagine the number of prospective residents this sought-after home feature could attract to your buildings. Residents want convenience! Our research shows that 44% of those looking for a new multifamily rental would like it to have a smart thermostat. The same demand was also recorded for smart locks and video cameras. An added bonus is that more than half of multifamily residents would be willing to pay $10-$20 extra a month for these proptech features.
2. Security is a high priority
Level up your entry systems by adopting the popular keyless lock feature many households across the country already rely on. According to PointCentral’s research, both current multifamily and prospective residents rank the security and safety of a property as the 3rd highest must-have feature, following washers and dryers and peace and quiet.
Households have turned to tech innovations like smart locks and doorbell cameras to protect their properties and make their lives more convenient. Having learned from these benefits and having witnessed the popularity of these amenities, the rental industry has begun to adopt similar access solutions.
Community Access amenity features, for example, allow property managers to seamlessly control who can enter their properties from a single platform. Powered by smart locks, which require an access code, fob, or app, the solution provides unparalleled convenience to multifamily residents who may wish to grant access to visitors.
And with integrations like ButterflyMX video intercom, residents can even talk to and see who’s at the property prior to granting access.
3. The future is tech-powered
For the convenience, security, operational efficiency, marketability, and much more – home automation tech is the answer to a lot of the pain points property managers face. But not only does proptech have the ability to streamline the running of your business, it’s also capable of elevating your profitability.
With automated home technology, like a smart thermostat connected to your HVAC system, you could see cost-savings of up to 23%!
Don’t be the one left behind, be the one getting ahead. Learn from popular household smart home tech amenities and implement similar solutions in your communities at a larger scale. You’ll benefit from boosted profitability, improved appeal to prospective residents, and you’ll have an edge on your competitors.
Smart homes vs smart apartments
The only true difference between a smart home and a smart apartment is scale. For example, in a non-walk-up multifamily property residents will not only need access to their front door but also to the building’s entrance and any common areas.
Public acceptance (and demand) of smart home technology in households, provides a fantastic learning experience for property managers. Look at why these features are popular (largely convenience) and find ways to offer these benefits in your multifamily rentals with similar innovative automation tech amenities.
Need to know more? Talk to one of our team members here.