By 2025, it’s predicted that 42% of all apartments in the United States will be smart apartments. By 2030, the growing market will be worth $13 billion as smart home technology continues to rise in popularity across all sectors, including in the multifamily accommodation industry.
What is a smart apartment?
A smart apartment is an IoT-connected home that utilizes automation technology, smart amenities, and a property management system. This interconnected ecosystem of cloud-based devices can be accessed via a centralized platform for remote monitoring and efficient management.
What tech can be found in a smart apartment?
Every property’s tech ecosystem is made up of different solutions to address the needs of the resident and property manager. Most commonly, devices such as smart lights and voice assistants (like Amazon’s Alexa) are found in the general household. In multifamily complexes, you’re likely to find more advanced solutions and integrations that aim to benefit the business as well as the resident. Here are some of the top solutions used in the sector:
This multifamily leasing solution frees up employees by allowing prospective residents to tour a property on their own at a time that best suits their lifestyle. According to our research, 4 in 10 prospective residents have passed on a property due to insufficient tour times, highlighting the value of self-touring technology.
Once prospective residents book a convenient viewing time, the intelligent system sends a confirmation notification with a time-sensitive, unique access code for the self-guided tour. This smart key code gives prospective residents access to the building, any common areas, and the vacant unit for the selected time slot, and will cease to work beyond the appointment — ensuring the safety of others in the building and the property itself.
Self-guided tours help property managers increase showing hours, shorten vacancy periods, impress prospective residents with the latest technology, and streamline workflows for cost efficiency.
This property management solution works alongside self-guided tours and enables prospective residents to instantly book viewing slots of vacant units after uploading an image of a government-issued ID and portrait photo for identity verification. The automated tech scans and compares the individual’s information against global databases, meaning property managers don’t have to sift through documentation manually, and interested parties don’t have to endure a long scheduling process.
CheckpointID also captures the prospective resident’s tour data, enabling them to book other tours in the same building without needing to go through the verification processes again.
IoT-powered smart locks drive seamless community access across multifamily buildings. Equipped with a fully-connected platform, property managers and residents can view, manage, and grant access to property visitors, contractors, and delivery personnel, enabling improved security of assets, streamlined operations, and a next-level resident experience.
Multiple properties can be added to the same platform for inventory-wide visibility and efficiency in granting access to those who need it. Plus, this technology empowers onsite employees to take back valuable time, reducing overall property costs.
A cloud-based intercom system can work in conjunction with the community access software. The retrofit solution requires no additional hardware, making installation a breeze. Once set up, visitors simply dial their chosen unit before entering a unique smart key code to gain entry to the building.
With a ButterflyMX video intercom integration, property managers and multifamily residents can verify the identity of a visitor before granting them access for next-level security.
Automated devices drive efficiency in smart apartments— whether it’s a smart thermostat for HVAC cost management or water sensors for leak detection. When integrated into a centralized platform, water sensors can identify leaks when they detect abnormalities in water consumption, and learning thermostats can automatically adjust to optimize energy usage in individual properties. In both instances, property managers are alerted straight away and they can choose whether maintenance teams also receive these alerts, for an even more streamlined workflow.
In extreme cases, smart water valves will cut off the supply of water to minimize the impact of severe failures such as burst pipes. Home automation like this drastically reduces the damage and costs caused by overconsumption and hardware failures.
Benefits of a smart apartment
Smart apartments can greatly improve the living experience of multifamily residents. Being able to adjust a thermostat or grant entry to a visitor all from a smart mobile device creates a more connected way of life offering residents maximum convenience and comfort.
For property managers, smart apartments offer cost-saving solutions through streamlined operations, effective damage control, and improved energy/water efficiency. A tech ecosystem also provides complete visibility over what’s happening in multifamily buildings from a single platform, maximizing the security of assets.
As real-estate technology matures in 2023, we’ll likely see a refining of the tech ecosystems multifamily property managers utilize. The growth of smart apartments will continue, as more property managers embrace technology to tackle rising costs while delivering exceptional resident experiences. The adoption of these technological advancements will play a crucial role in maintaining a competitive edge in the market and ensuring long-term success in multifamily.
For more information on multifamily technology and how to improve the resident experience, read our expert article, Smart Living: How To Look After Your Multifamily Residents.