Smart home technology, once reserved for single-family homes, has invaded the multifamily, co-living and apartment space. The trend in property technology isn’t moving out of the industry anytime soon. But while benefits like unlocking the door from your smartphone are attractive to tenants, smart technology may mean even more for property managers and real estate investors.
Smart technology can make residences safer.
According to prnewswire.com, Dwelo, a leading provider of smart-technology solutions purpose-built for apartment owners, managers, and residents, is outfitting nearly 50,000 units with smart devices. Dwelo works with over 60 of the country’s multifamily developers, owners, and managers installing smart thermostats, locks, light switches, meters, voice controllers and more, while also supplying commercial smart technology solutions for common areas and perimeter access points. Smart locks and video monitoring are giving tenants peace of mind.
Smart technology saves on time and energy costs.
Dell Technologies reports similar trends in smart technology in apartments that are beneficial to property managers and owners. Just like in the hotel industry, property managers no longer need to collect keys when renters vacate their apartment. They simply change access to the empty unit from their device. Managers don’t worry about which lights were left on by an agent or if the painters forgot to turn off the AC. Leak-sensing alerts can also be set up to avoid major flood damages and repairs.
Smart technology provides convenience.
Offering smart home technology that can interface with Virtual Personal Assistants (VPAs) will add immense value for tenants by making properties into a connected home ecosystem. According to Gartner, 85 percent of connected home devices will be part of a connected home ecosystem by 2020 (softwareadvice.com). A connected home ecosystem occurs when a home has multiple smart home devices interconnected via VPA or Wi-Fi.
In recent years, renters have put increasing importance on smart technology features when shopping for rental homes or apartments. With younger renters (and a lot of them) interested in these features, the trend in tech will surely rise to meet — and exceed — demand. Property owners will do well to keep up, reaping rewards in rising rental markets.