Parks Associates and Cox Communities release new research exploring transformative trends in the multifamily market
83% of MDU residents who have access to property-provided smart home devices express satisfaction or high satisfaction with their apartment or condo
Parks Associates today announced a new white paper available for download, Smart Living: Elevating the Resident Experience, focused on this pivotal moment in multifamily housing market, as connectivity and high-tech amenities are now the cornerstone of delivering an enhanced experience aligned with resident expectations.
The research, produced in partnership with Cox Communities, reveals that 58% percent of condo owners report owning and using smart home devices of their own, far above the national average, which is 41% among all US internet households.
“Condo owners are high-tech adopters, and they greatly over-index in adoption of 24/7 professional security monitoring, adopting at two times the rate of single-family homeowners,” said Jennifer Kent, VP of Research, Parks Associates. “As property managers compete to attract and retain high-value residents, their focus is on delivering a premium experience that caters to the emerging demands for remote work, resident convenience, and safe and secure access to both the property and individual units.”
By prioritizing resident satisfaction and tenure, property owners and managers aim to reduce vacancies and turnover costs. The white paper reveals 83% of MDU residents who have access to property-provided smart home devices are satisfied with their apartment or condo, compared to 66% of those without such devices.
“A robust property network, managed Wi-Fi, and a smart living experience form the foundations of a premium resident experience,” said Kristine Hedlund, Director of New Development & Major Accounts, Cox Communities. “Property owners and managers recognize that by investing in these technologies and amenities, they can enhance resident satisfaction, decrease vacancies, and reduce turnover costs."
Parks Associates will share this and related research at the upcoming virtual session “PropTech Market Evolution: Senior Housing & Hospitality,” July 20, 11 AM CT US, part of the Smart Spaces conference focused on the next generation of consumer and property manager experiences in the multi-dwelling and hospitality environments.
The white paper is available for download and provides valuable insights and guidance for industry stakeholders navigating this dynamic landscape.
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.
The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.
Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com