PropTech Solutions Provide Unique Value to Residents and Property Owners

by Elizabeth Parks | Jun. 30, 2022

The market for smart technology solutions in MDUs has lagged behind the single-family housing market, but it is quickly catching up, especially as demand for high-end rental properties has accelerated. Currently, according to Parks Associates research, 34% of property managers have internet-connected/smart home devices installed in at least one property they manage.

MDUs can deploy proptech and smart home solutions outside the units, in public spaces, and inside the units for residents’ use. While public Wi-Fi is the most common tech in public areas, 51% of MDU managers with at least one smart home-enabled property have smart cameras installed in MDU common areas. Parks Associates data consistently finds that security/safety use cases resonate among all US broadband households, and we anticipate seeing networked cameras added to more properties.

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Smart cameras are the most prevalent smart home devices installed in common areas, but smart light bulbs/lighting are popular both in units and common areas, highlighting the strength of the security and safety value proposition.

Resident requests are a key motivator for property managers and owners in deploying smart home solutions. The top five most requested features are automated lighting, smart appliances, increased levels of security in common areas, increased broadband speed and remote access to residential units.

MDU property managers and owners can stay competitive in this tight rental market by adding smart features to their properties, while device manufacturers and service providers can increase revenues by partnering to provide these solutions to MDUs.

This is an excerpt from Parks Associates white paper, Smart Solutions - Boosting Revenue in Multifamily Properties, released in partnership with SmartRent. View the full research paper here: https://online.flippingbook.com/view/919022586/

We welcome all comments and feedback about our research. Thank you for reading.

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