The multifamily housing industry is navigating a period of significant transition. Operating costs continue to rise, rent growth has cooled, and new supply in many markets is intensifying competition. Owners, operators, and investors are under pressure to protect margins while delivering stronger value to residents. In this environment, strategic modernization is essential.
A new whitepaper from Parks Associates, developed in partnership with RealPage, explores how smart technology retrofits are becoming one of the most effective paths forward for multifamily performance.
What were once considered premium amenities, managed Wi-Fi, smart locks, access control, connected thermostats, have rapidly evolved into core operational infrastructure which,
- Reduce operational friction across properties
- Enable centralized management and standardized workflows
- Improve asset visibility and risk management
- Support scalable automation and future innovation
Smart tech retrofitting is no longer simply about enhancing resident appeal. It is an operational strategy designed to strengthen resilience, improve efficiency, and build long-term competitiveness.
New development is costly and constrained. Retrofitting existing communities allows operators to modernize assets without the risk and capital intensity of ground-up builds. The whitepaper examines the strategic drivers accelerating retrofit adoption, including:
- Rising maintenance and staffing costs
- Insurance pressures and risk mitigation needs
- Increased resident expectations for connectivity and convenience
- Demand for centralized portfolio oversight
By transforming existing properties into connected assets, operators can unlock measurable operational improvements while differentiating in crowded markets. When deployed strategically, these systems work together to create a connected foundation that drives both operational efficiency and resident value.
One of the most common concerns around modernization is disruption. This whitepaper outlines best practices for implementing smart retrofits in occupied communities, including:
- Prioritizing upgrades based on operational and financial impact
- Phasing deployments to minimize resident disruption
- Aligning property management, IT, and ownership stakeholders
- Partnering effectively with technology providers
Modernization is no longer optional. As competition intensifies and margins tighten, smart technology retrofits offer a practical and scalable path to stronger performance.
The partnership between Parks Associates and RealPage delivers a strategic, research-backed perspective on how multifamily stakeholders can move from reactive upgrades to proactive, portfolio-wide transformation. The report highlights where smart technology retrofits deliver the greatest return, including connectivity infrastructure, risk reduction & asset protection, and resident experience & retention.
Download the whitepaper, "Modernizing Multifamily: Retrofitting Smart Technology for Efficiency and Competitiveness", to learn how to future-proof your properties and build lasting competitive advantage.
