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Smart Home

Transforming Multifamily Housing through Connectivity and Smart Home Technology

Connectivity and smart home technology are reshaping multifamily housing, with property managers and owners leveraging these innovations to enhance the resident experience and operational efficiency. This transformation is driven by several key factors:

  • Increased Internet Demand: Evolving lifestyles have led to higher consumer expectations for internet access within multifamily properties.

  • Business Benefits: Property managers and owners recognize the significant advantages of deploying smart home devices. These benefits include improved resident satisfaction, higher rental revenues, operational efficiency gains, and enhanced resident retention.

  • Rental Increases: Those who adopt smart home devices can often command higher rental rates compared to properties that do not offer these amenities.

  • ROI Expectations: A substantial majority (87%) of property managers anticipate achieving a return on investment (ROI) from their smart home investments within two to three years, according to Parks Associates research.

  • Perceived Rental Fee Boost: Property managers believe that smart home devices can increase rental fees by anywhere from 5% to 30% according to Parks Associates research.

  • Appeal to Builders: Smart home builders see multifamily housing as a promising market. They recognize that a reliable property network is a fundamental requirement when constructing smart properties. This network infrastructure allows for flexibility in adapting to changing resident needs and expectations.

  • Competitive Advantage: To remain competitive, players in the multifamily housing sector must identify the most valued smart home use cases and understand how dedicated networks impact resident retention and attract high-value market segments.

  • Premium Resident Experience: Offering bulk broadband, managed Wi-Fi, and IoT solutions is essential for delivering a superior resident experience. Properties that can meet advanced connectivity needs with top-tier smart solutions and services are poised to achieve the highest return on investment.

In summary, the integration of connectivity and smart home technology in multifamily housing is driven by the potential for increased revenue, improved operational efficiency, and heightened resident satisfaction. Property managers and builders recognize the importance of staying ahead in this evolving landscape to gain a competitive edge and maximize returns.

This is a summary of a new white paper released in partnership with Cox Communities. Read more: Smart Living: Elevating the Resident Experience, developed with Cox Communities

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