Sustainability is the future. So, it’s no surprise that many people are now thinking about ways to improve their own footprint. We’re observing everything from major corporations setting carbon-neutral deadlines to individuals making simple lifestyle changes. Multifamily residents are no different – nor are prospective residents who’ll be on the lookout for sustainable communities in the months ahead.
Current and prospective residents will be expecting a property with tech amenities that enable them to do their part in sustainable living. What does this mean for you and your buildings? And more importantly, how can this trend benefit your property management business?
Let’s dive into the benefits of sustainable property technology and how it can elevate your multifamily community, improve the resident appeal and experience, and even provide you with cost savings to combat rising energy bills.
1. Optimized energy
Monitoring technology, such as smart thermostats connected to your HVAC management system, can help to optimize energy usage. The intelligent technology is powered by sensors that are constantly monitoring for anomalies. Sudden differences in energy usage may indicate a door or window has been left open. The automated tech prevents such incidents leading to the overconsumption of heating or cooling by adjusting to conserve energy.
Similar tech is used in a water management system. Sensors and valves in your pipes are connected via IoT to your property management platform. Whenever the intelligent tech notices an abnormality in water usage, it will alert you via the platform, and if necessary, the smart water valves will automatically cut off the supply. This means that in the event of an ongoing water leak, you can address the issue before it escalates, and if a major incident such as a burst pipe occurs, damage can be contained.
Geo-fencing technology, which is built into a Smart Thermostat HD, allows multifamily property managers and residents to reduce unnecessary energy usage when a unit is vacant. The technology can automatically adjust and turn off heating or cooling when a unit is empty, due to resident turnover days, or based on a current resident’s location. Thanks to this property automation technology, if a resident forgets to turn down their heating while at work for the day, they won’t be using energy to heat an empty property.
2. Cost savings
With rising cost of living, residents and property managers alike are looking for ways to reduce their energy bills. Installing the above automated smart home tech solutions, such as smart thermostats, enable residents and property managers to prevent unexpected energy charges from overconsumption. This tech has the potential to save between 9% to 23% on energy bills in both occupied and vacant units – an appealing factor to those looking to move for more favorable property costs in the current economic climate.
Another huge cost-saving opportunity comes from preventative maintenance technology, such as water management systems, which drastically reduce major damages caused by unexpected leaks, burst pipes, or frozen pipes. With alerts and stop valves in place, you’ll also be able to reduce ongoing leaks that lead to extra (but often unnoticed) consumption.
3. Resident appeal
Not only is the prospect of reduced energy bills appealing to current and prospective residents, but sustainable technology solutions can also enhance their living experience. Being better connected to their home with real-time data allows residents to customize amenities, such as heating or cooling, by setting their smart thermostats to a schedule. Connected technology, such as access control solutions, also give residents increased control over their living environments despite being away from the property.
Research shows that more and more generations are showing sustainable consumer behavior, with Gen Z leading the way and influencing their Gen X parents. This means that property managers offering energy-saving solutions may have increased appeal over their competitors. Prospective residents looking to move in the year ahead will be searching for properties with green initiatives.
Multifamily property managers can benefit from the sustainability trend. With home automation technology installed in their properties, you’ll not only save on energy usage, but can reduce operational bills for yourself and your residents. Taking a greener approach to property management may also help you to attract more prospective residents to your building in the year ahead.
If you’re interested in learning more about multifamily tech and how it can benefit your business, listen to our director of multifamily sales, Mike Branam, on the TecHome Builder webcast: Multifamily Tech: A systematic approach to answering all stakeholder questions.