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Smart Home

Smart Home Devices Can Increase Rental Fees for Multifamily Housing by 5%-30%

The multifamily housing market has become increasingly important to device manufactures as they seek to drive overall market adoption of the smart home products. Multifamily rental properties represent a particularly lucrative opportunity for smart device manufacturers since they deploy smart home device packages to multiple units at a time. Smart home solutions provide several benefits to MDU property managers:

  • Product differentiation
  • Increase sales price / rental fees
  • Lower operating costs
  • Improve property/resident safety and security
     

Parks Associates latest research from its study: Smart Home and MDUs: The Property Manager View, reveals that 95% of property managers perceive smart home devices can increase rental fees by between 5% and 30%.

Property managers find smart home use cases that prevent theft and burglary most appealing. A relatively high percentage also find the ability to monitor HVAC systems to prevent major emergencies and manage the use of lights in unoccupied units “very” appealing.

The most appealing smart home use cases differ by type of people housed. Vendors offering solutions in this market must develop comprehensive solutions that can meet the needs of different target segments within this market.

Smart Home and MDUs: The Property Manager View examines MDU property managers’ use of connected services and products at their properties.  It compares top value propositions for smart MDU platforms and devices and quantifies the return on investment through operational efficiencies, increased rental rates, and decreased resident turnover. The research additionally investigates the impact of the COVID-19 pandemic on MDU owners and technology prioritization and budgeting by property managers.

  • The survey captured 300 MDU property managers and owners in the United States, with a topline margin error of ±5.66%
  • For the purposes of this study, MDU is defined as a residential property having at least 10 units.
  • Respondents must own or manage an MDU property.
  • Respondents must have input into decision making related to the acquisition of technology products and services for the property.
     

Contact sales@parksassociates.com for more information.

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