Apartments, student housing, and senior living a hot target for smart home solutions 

Parks Associates’ new research, Smart Home Opportunities in Multifamily Properties, finds 27% of multi-dwelling unit (MDU) residents have a smart device provided by their landlord or property owner and the overwhelming majority value the safety and security benefits of these solutions. Of those with property-provided smart home devices, 64% value the notifications they receive about safety issues, and 62% find valuable the ability to monitor activity outside their door.

The research,based on a nationwide survey of more than 3,300 US internet MDU households, quantifies the appeal of smart home use cases, adoption drivers and barriers, the relative importance of smart technology as an amenity, and expectations for its impact on monthly rent.

“MDU households, including residents in apartments, student housing, or senior living facilities, already outpace single-family households in smart home device ownership,” said Elizabeth Parks, President & CMO, Parks Associates. “One-half of consumers who have property-provided devices use them daily, so many stakeholders will find a receptive market in MDUs. New investments to improve onboarding and the user and property management experiences will further heat up this sector.”

The multifamily smart home market is in the early stages and increasingly competitive. The research study explores consumer preferences for the smart apartment user experience by device category, such as access control devices, smart thermostats, smart lighting, and smart appliances.

For more information on Quantified Consumer: Smart Home Opportunities in Multifamily Properties, contact sales@parksassociates.com. To schedule an interview with an analyst or to request specific data, please contact Rosey Sera at rosey@parksassociates.com or call 972-490-1113.

About Parks Associates

Parks Associates is a global research, consulting, and marketing firm with 40 years of experience delivering proprietary consumer data and industry insights for businesses. The firm produces market research reports, forecasts, surveys, and competitive business intelligence on connected consumer, small business, and commercial technologies and related business solutions. Parks Associates provides custom research, strategic consulting, and forward-looking analysis across connected home, small business, and commercial markets, including security, smart home, broadband, entertainment, energy, multifamily, smart buildings, connected health, and emerging AI-driven technologies.

Parks Associates supports industry growth through proprietary research, consulting, and executive networking and convenes thousands of leaders each year through its flagship conferences, including CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. Learn more at https://www.parksassociates.com.

Follow Parks Associates on LinkedIn, Facebook, and Instagram.