The cost of water supply is arguably one of the most overlooked costs that multifamily property managers and residents face. It’s not solely made up of building water consumption (households are responsible for more than 10% of global water usage) but also the cost of heating water, waste disposal, and any additional maintenance charges. Then property managers must factor in the impact of risks such as a burst pipe damaging their property both cosmetically and structurally. Now, considering rising bills and the increasing importance of environmental sustainability, it’s more important than ever that multifamily property managers focus on water efficiency to achieve operational savings and long-term business success.
The industry’s need for water efficiency has led to increased investment, development, and adoption of water sensor technology in recent years. The market for water leak detection systems in the United States was estimated at $1.9 billion in 2022. The US is expected to globally dominate the sector in the coming years because of North America’s demand for high-end infrastructure to address rapid urbanization, increasing population, enhanced living standards, and economic growth.
Helping your business meet regulatory requirements
The industry is witnessing increasing government pressure and tightening building regulations to address environmental sustainability. Installing monitoring technology, such as water sensors, can help properties meet eco-standards, as they aim to optimize general water usage and minimize accidental or fault-caused overconsumption for water conservation.
Optimizes water consumption for lower operating costs
Up to 10% of US homes unknowingly have an ongoing water leak, wasting over 90 gallons of water per day. Multifamily properties with a large number of residents have a higher potential for significant water consumption and waste. Since water management systems constantly monitor consumption, the IoT technology is able to easily highlight discrepancies caused by small ongoing leaks or even incidents where residents accidentally leave the water running, so these issues can be addressed as soon as possible. This proactive approach supports property managers in conserving water, curbing unnecessary waste, and reducing water bills for the property and individual residents.
Minimizes damage caused by leaks or burst pipes
Water leaks can present significant challenges in multifamily properties due to shared infrastructure and the potential to affect multiple units and residents. With wireless leak detection sensors working in collaboration with smart water valves, property managers can stop damage in its tracks. In the event of a sudden and unexpected water leak, these IoT devices work together to send an instant notification to the property manager while automatically shutting off the water supply.
Advanced water sensors no longer require ropes or probes, can detect water in hard-to-reach areas and on a wide scale for greater coverage, and have built-in temperature sensors to detect and notify during extreme conditions. This means property managers will be immediately alerted during freezing temperatures and can act before pipes in their units freeze and burst. For those with vacant units, this technology can save thousands in repairs, without instant notifications and water valves to cut off supply, the damage could spread for some time before the issue is identified.
Keeps current residents happy and appeals to prospective tenants
A proactive approach to water efficiency and connected living will appeal to prospective tenants looking for tech-powered solutions in a new home while also enabling property managers to increase retention rates. Our research shows that installing smart home tech, such as water sensors, can increase residents’ desire to renew leases (56%). Minimizing inconvenience by preventing significant water damage, which requires hours of maintenance work and the resident to be away from their rental, can encourage greater resident satisfaction with your building.
PointCentral is currently working on sub-metering, enabling property managers to accurately measure and bill water usage in individual units. “This has the potential to incentivize residents to reduce their consumption and promote greater sustainability,” said our Director of Product, Sonjai Gupta. Since sustainability is increasingly becoming a factor in consumer behavior, these developments may improve resident appeal even further.
Streamlines your maintenance process
The wireless system sends immediate notifications to property managers when leaks are detected, enabling them to resolve an issue quickly. Alternatively, property managers can have these notifications sent directly to the maintenance team for even more efficiency in their internal operations. This awareness protects your business by ensuring issues are addressed as soon as possible, preventing further damage such as mold, occurring.
Provides centralization of data on a single platform
Water sensors use IoT technology to connect directly to your property management platform, providing recorded water consumption data accessible from the same place you analyze other property metrics such as smart thermostat or property access information. This connectivity ensures the safety and security of your property at every level.
Water sensors protect your multifamily business on several levels, from reducing damages to saving costs, meeting eco-expectations, improving resident satisfaction, streamlining operations, and improving connectivity.
Why choose PointCentral’s water management solutions?
“Our parent company, Alarm.com, has extensive experience in protecting property and providing smart property technology. Alarm.com’s water management solutions offer several benefits over third party devices. These include purpose-built devices that leverage the Alarm.com experience and technical bench strength, easier integration with other smart home devices for a more comprehensive smart property experience, and a team of experts who can provide support and guidance when needed.” – Sonjai Gupta, Director of Product at PointCentral.
If you’re interested in learning more about the strategies you can deploy to encourage more efficient use of water in your multifamily properties, you may be interested in ‘How technology is solving the water conservation problem’, in which PointCentral Director of Multifamily Sales, Mike Branam, shares his thoughts with the Colorado Real Estate Journal.