We’re in the midst of a proptech revolution. And, if predictions are correct, adoption growth won’t be slowing anytime soon. Smart thermostats are a major player in this widespread tech adoption for both US households and hospitality real estate. By 2026, predictions foresee a rise from a $2.5 billion market reach to $6.4 billion! So, it’s no surprise that, of the multifamily property managers we surveyed, up to 48% ranked smart thermostats in the top three devices they expect to be implemented over the next three years.
For those of you who’ve yet to experience the benefits of a smart thermostat, you may be wondering – what’s all the fuss about? In short, this one small (but mighty) device can save your business a lot of money. And that’s not even mentioning how it can increase the resident experience.
We’ve created a list to get you up to speed with how smart thermostats benefit property managers and residents right from the moment of installation.
Top 5 benefits of installing a Smart Thermostat HD
1. Easy installation
From setting up to end-user experience, this tech is all about convenience. The innovative solution uses a combination of mechanical wire detection, local configuration, and an easy setup wizard to remove all pain points from the installation process.
With such a quick installation time, property managers can upgrade properties with sought-after modern tech solutions without keeping units off the market for too long. And better yet, these upgrades will attract prospective residents. Our research shows that 44% of multifamily property seekers want a smart thermostat in their next rental. That’s a win-win for boosting your building’s profit potential!
2. Consistent monitoring for streamlined spending
But, how exactly does the smart thermostat reduce energy spending? It’s simple, the automated property technology monitors the property’s temperature, humidity, and consumption using sensors for consistency and to spot any discrepancies. This information allows the intelligent technology to optimize settings based on the current scenario.
Let’s say a unit in your multifamily community becomes vacant. Based on the automation rules you’ve set, the thermostat will go into energy-saving mode, so you don’t have to spend time and labor to adjust it in person. And, while the unit is occupied, residents can conserve energy and live sustainably also, with the help of contact sensors.
You don’t need to worry about wasting unnecessary resources on heating an empty unit. Residents can take advantage of built-in geo-fencing technology. This means for app-using residents, devices will adjust based on their location. So, if they’re out of town, no bother. And if they’re on their way home – the rental will already be working on reaching their preferred temperature.
That’s how the Smart Thermostat HD can help businesses reach efficiency on an operational level.
3. Issue alerts reduce damage costs
This kind of automated monitoring can save properties a yearly savings average of $250 per rental on maintenance, as it switches the protection of assets from reactive to proactive.
What does proactive maintenance look like? HVAC machines that receive consistent care have the potential to last longer and reduce unexpected expenditures. Monitoring sensors make this possible by alerting property managers to risks in their heating and cooling systems which would otherwise go unnoticed and escalate into major (costly) damages.
4. Provides monthly data reports
The Smart Thermostat HD device not only monitors your property’s heating and cooling system but also collects real-time data. Whether that’s the heating habits of your residents, air conditioning, ventilation, or the humidity patterns of your property, you’ll receive a monthly report packed full of insights you can use to improve consumption.
And when it comes to analyzing this data, the tech will do that for you too! It has the power to recognize even slight discrepancies which could signal underlying issues, and will alert you with a notification such as, “Significant temperature differences that suggest system failure and require an immediate response.”
5. Delivers next-level resident experience
With a Smart Thermostat HD that has a sleek touchscreen display in full color, property managers can engage their residents. For example, you can empower residents with property personalization through room controllability. Residents will be able to fine-tune their comfort and truly make your property their home. Plus, a visual reminder may encourage them to be more mindful of their usage.
This, of course, doesn’t mean you lose complete control over your multifamily property’s energy use. Property managers can configure temperature heating and cooling limits to optimize for lower usage (where possible) and add thermostat schedules that automatically update when units become vacant.
What’s not to love? Smart thermostats are one of the quickest ways to upgrade your property and meet residential demand for smart home tech, as they cut down on costs in more ways than one and improve the resident experience. And that’s all before the added visual aspect of an engaging touchscreen display that elevates your rental unit’s appeal.
Want to hear more about this retrofit multifamily rental tech? Let’s talk.