Our Property Management Insights Report deep dives into the smart proptech landscape at play in the multifamily property sector. It analyzes what residents are looking for from long-term rentals and how property managers are utilizing tech to streamline their businesses. From enterprise-level community managers to smaller-scale businesses, and everything in between, we take a pulse check on the multifamily tech ecosystem.
The data in this industry report was collated from 1,500 residents and over 200 property owners’ or managers’ responses. Here’s what we uncovered…
Residents demand monitoring solutions for safety and security
- The most desired property feature for both current and potential multifamily residents is smart door locks, 45%, and 46% respectively.
- 57% of current and potential seeking residents state peace and quiet is a must-have property feature, followed by property security and safety (up to 52%).
- Over a third of both seeking and current residents rate indoor air quality as a must-have amenity, showing the need for well-maintained HVAC systems.
- Multifamily residents have been willing to pay an additional premium of up to $20 per month for proptech advanced rentals.
5 reasons why proptech is a great investment
- When looking into the annual savings of operating expenses, 73% of enterprise managers who have adopted smart tech solutions are seeing savings. According to Alarm.com, solutions such as the smart thermostat can save property managers between 15 and 23% in energy bills for vacant units or as savings to the resident when a unit is occupied.
- Property managers of multifamily properties (whatever their portfolio size) rank maintenance, contractor, and service requests as either the top or second top cost-saving opportunities. To find out more about maintenance savings opportunities, check out this blog on automating HVAC monitoring.
- Almost two-thirds of enterprise multifamily managers strongly agree smart home tech is equally valuable for operational savings as it is in creating new revenue.
- Up to 64% of multifamily property managers agree that in-room smart home devices increase asset value.
- Proptech has the potential to increase resident retention (as well as attract new residents), with 56% stating smart home tech increases the desire to renew their lease.
“Property managers agreed that in-room smart home devices increase asset value”
The hottest smart home tech trends in multifamily
Smart security systems – Enterprise multifamily property managers rated smart security systems as their most desired tech feature to install in the next three years.
Smart door locks – The top tech product for all other multifamily property managers is smart door locks, such as Community Access solutions that allow for seamless entry by residents, visitors, and employees.
Smart thermostat – This energy saving technology, which allows for increased control over assets, in-depth data analysis, and automatic monitoring, is highly desired across all multifamily managers surveyed.
What’s more, 60-80% of multifamily property managers are either interested, plan to implement, or have already implemented Self-Guided Tours in their properties. If you’re not yet familiar with unassisted viewings powered by intelligent tech, check out our blog which outlines all the reasons why Self-Guided Tours are the top leasing solution.
Property managers vs residents
There are similarities between the tech property managers plan to adopt in the coming years and the tech that current and seeking residents have shown interest in. Topping residents’ tech list is the smart door lock feature, followed by video doorbells and smart thermostats.
- Multifamily communities failing to implement smart home tech innovations may lose out to competitors as residents’ expectations continue to rise.
- Residents of multifamily communities are willing to pay a premium for a tech advanced rental, providing an opportunity for property managers to increase revenue through investments.
- There’s a significant value proposition on offer to property managers who adopt proptech for operational savings and boosted demand.
- Those implementing features including smart thermostats, monitoring sensors, and shut-off valves, and security amenities like smart locks or identity verification will likely have the upper hand in attracting residents in years to come.
Interested in finding out more about smart home tech’s role in property management and the resident experience? Read our blog on how smart homes have paved the way for smart apartments, or talk to one of our team members here.