Heating is a significant expense each winter and multifamily residents may unintentionally waste energy through actions such as leaving windows or doors open, setting the thermostat too high, or having the heating on at night when everyone’s asleep. These behaviors can inadvertently increase living costs and negatively impact the environment.
Multifamily property managers can effectively help by offering residents smart thermostats. With the winter quickly approaching, now is the perfect time of year to review what smart property technology will improve the resident experience and help attract new prospects.
Benefits
Smart thermostats are a top priority for leading multifamily operators. Not only can they save property managers and their residents 9-16% on heating bills and 15-23% on cooling bills, they also have a host of other benefits.
Giving residents control over their heating and cooling remotely increases satisfaction and retention rates. Additionally, smart thermostats can help reduce the maintenance costs for heating, ventilation and air conditioning (HVAC) systems.
Reduced bills
Along with decreasing energy costs, it remains crucial to minimize consumption to ensure buildings are as sustainable as possible. Smart thermostats contribute to this goal by analyzing local environmental data and user routines to optimize their operation.
Smart thermostats will spot when no one is in a property and switch to energy-efficiency mode to avoid heating an empty apartment. They also identify open windows or doors, adjusting the property’s temperature to conserve energy before notifying the resident to close them as soon as possible.
Lower maintenance costs
Proper maintenance of HVAC systems can help to avoid expensive repairs. PointCentral employs machine learning tools to monitor the health and performance of HVAC systems by comparing thousands of data points to establish optimal performance benchmarks.
It can measure how effectively the HVAC system is delivering the temperature set by the resident. If the HVAC system notices abnormalities in reaching the required temperature, this could suggest there is an issue that needs resolving.
In such cases, an automated notification will be sent to the property manager. Early detection of potential issues with the HVAC system can reduce maintenance costs and extend the life of the product.
Sustainability goals
Property managers who add automation tech to their property management solutions will reduce the environmental impact of their portfolio and increase appeal to eco-conscious consumers.
Almost three quarters of American consumers worry about the environment considerably, a recent report found. And nearly two thirds are willing to pay a premium for sustainable products.
Buildings with smart technology help eco-conscious residents cut their carbon footprint by preventing heating and cooling systems from wasting energy.
Smart thermostats can share energy consumption updates with residents and give them tips on how they can help boost their home’s energy efficiency.
A win-win situation
Smart homes are good news for residents and operators alike, delivering energy and cost savings for both.
These benefits also make smart homes more attractive to prospective tenants, with multifamily residents happy to pay a $20 a month premium for technologically advanced dwellings, our Property Management Insights report revealed.
Adding this $240 a year extra revenue to the $250 estimated annual benefit of HVAC maintenance savings would provide a $490 annual lift to income.
Want to know more about how multifamily proptech solutions can boost your business? Listen to the Beyond Rent Podcast to find out the benefits of centralization in multifamily.
