Research shows that 75% of Americans worry about their utility bills. This figure will likely continue to escalate in the months ahead as electricity costs are expected to continue climbing since the US has started to source natural gas supplies from overseas.
In an attempt to combat these increases, multifamily residents will be looking for ways to reduce energy consumption and cut down on costs. Property managers can appeal to prospective tenants, while keeping current residents happy, by installing energy-efficient tech in their buildings.
Smart thermostats have gained increasing popularity across the country in recent years, with forecasts predicting that the market value of these tools will reach $3.9 billion globally by the end of 2023. The rapid adoption of this smart home device is likely due to its cost-saving potential. This presents an opportunity for both residents and property managers to reap financial benefits, improve resident retention rates, and enhance the overall value and desirability of the property. But how exactly does energy-saving technology improve the resident experience?
Reduced cost of living
Smart thermostats are designed to reduce overconsumption with heating/cooling schedules and geo-fences, which use resident location to optimize efficiency. This technology also analyzes various data, like occupancy patterns and historical usage data, to automatically adjust temperature settings for optimal comfort and efficiency. Smart thermostats can save residents an average of 15% on energy bills — efficiencies that won’t go unnoticed in the current economic climate.
Installing energy-efficient tech can also be a sound investment for multifamily property managers. Offering cost-saving opportunities to residents increases renewal rates and improves the appeal of vacant units. Zego, a resident experience proptech company, states that it can take almost 18 months to recover the cost of losing a resident, making the ROI of investing in the right tech a rewarding prospect.
A great resident experience is made up of two main factors: comfort and convenience. The Smart Thermostat HD operates between temperatures of 41°F to 95°F, enabling multifamily residents to create a living environment that is most comfortable for them. The tech is also compatible with humidifiers and dehumidifiers for optimized humidity control, and can connect to HRV, ERV, and external vents.
Offers increased control
Smart thermostats use IoT technology to connect the device to an easy-to-use platform, such as an app on your residents’ smartphones. Having remote access to their heating and cooling system means residents are able to adjust the temperature of their home remotely. This, in itself, helps residents minimize overconsumption of energy, while also offering next-level convenience. On top of this, residents are also able to adjust their thermostat via a sleek, color touchscreen display for an engaging user experience.
Alerts to potential issues
A smart thermostat is always working in the background — monitoring the health of the HVAC system and collecting data for property managers’ monthly performance reports — all while optimizing the unit’s temperature and presenting that on an engaging full-color display. With this information, the smart home tech is able to alert residents of potential issues in the heating or cooling system, if parameters have been set up. It will also send a message to the property manager so they can efficiently organize maintenance work orders, enabling the issue to be fixed quickly and minimizing inconvenience to the resident. This offers a highly flexible environment that allows property managers to maintain insight and control within a unit when necessary, while also providing autonomy to the resident.
Enables a sustainable living environment
According to the AMLI Sustainable Living Index, 88% of people are concerned about climate change. What’s more, 80% believe living in an apartment with green initiatives is beneficial to their health. These results suggest that property managers implementing sustainable features in their multifamily buildings may be more appealing to residents, as they can provide a better living experience that aligns with a resident’s values.
Smart thermostat technology can help you meet these eco demands. Residents have the option to create rules for the sensors that, if set up, can trigger adjustments to the thermostat in order to conserve energy. When connected to the PointCentral platform and other smart home devices such as a door sensor, smart thermostats are capable of recognizing when a unit has a door or window open — compensating for the cold in winter or heat during hotter months.
Providing a positive resident experience in the current economic environment includes offering cost-saving opportunities, such as energy-efficient technology. Such initiatives may be the key property managers need to gain renewals and new residents. Smart thermostats have a significant role to play here, as the tech promises reduced costs, increased comfort, control, and convenience, plus a more sustainable way of living.
For more on sustainability, check out our expert guide, Sustainability Trend: How It Benefits Your Property Management Business.