48% of apartment residents feel that the ability to unlock doors or gates by tapping a phone or watch is “important” when looking for a new home

Parks Associates, in partnership with RealPage, has released a new white paper, “Modernizing Multifamily: Retrofitting Smart Technology for Efficiency and Competitiveness,” with custom research findings and action items for multifamily owners, operators, and asset managers evaluating retrofit strategies. 

The white paper is based on primary interviews of ten multifamily owners and operators. Parks Associates, in partnership with RealPage, conducted these virtual interviews to explore the strategic drivers behind the smart technology retrofit wave and the highest-impact opportunities across connectivity, risk reduction, and resident experience. 

MDU Smart Apartment data

In the current market, cost savings measures are of great importance to properties looking to protect their margins, especially in today’s challenging fiscal environment where multifamily operating expenses have surged by nearly 40% since 2019. Owners are facing intense pressure to find sustainable ways to protect their margins. 

Technologies such as water leak detectors, modernized access control systems, and smart utility solutions are “low-hanging fruits” that offer the greatest returns. Leading MDU owners or operators who have already implemented these solutions report either an “immediate” ROI or one within a five-year payback period.

By targeting solutions like water leak detectors, smart access control, and smart thermostats, operators can mitigate these rising costs while simultaneously boosting asset value.

“Utilizing smart technology in multifamily properties is a win-win for the residents and owners,” said Dennis Kyle, Senior Vice President, Smart Building at RealPage. “The research done in conjunction with Parks Associates shows that a strategic approach to retrofitting properties ensures they are carrying the properties into the future while making residents’ lives easier.”

Key findings from the white paper:

  • Water leak detectors can cut 25% of water-related maintenance tickets and save $20,000-$30,000 per prevented incident.
  • 48% of apartment residents feel that the ability to unlock doors or gates by tapping a phone or watch is “important” when looking for a new home.
  • Parks Associates consumer surveys of multifamily residents find a 60-point difference in net promoter scores between residents who are satisfied versus dissatisfied with their smart amenity packages.
  • Resident amenity fees for packages may range from $45-$60 per month or be included in base rent, depending on local market.
  • Bulk internet packages save residents an average of $15 per month compared to retail plans.

“Smart technology retrofitting will increasingly determine asset performance as the market shifts, with technology resetting cost and profitability expectations,” said Elizabeth Parks, President and CMO, Parks Associates. “Increasingly, properties are turning to smart technologies to keep up with competitors. As a result, retrofits are shifting from optional upgrades to strategic requirements.”

The white paper emphasizes that owners and operators are best able to leverage the potential of proptech by identifying and taking advantage of the low-hanging fruit in their portfolios. The research highlights the important role that the right technology partner makes in deployments. 

“Modernizing Multifamily: Retrofitting Smart Technology for Efficiency and Competitiveness” is available for download. To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein, 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.

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About RealPage

RealPage improves the business of living for both housing providers and residents. As the leading platform for AI-powered real estate operations, we connect property owners, operators, and residents across every stage of the rental journey - creating smarter, more transparent, and more responsive experiences. Our technology unifies marketing, leasing, operations, and financials, putting AI at the center of real estate. From automating work and turning data into actionable insights to introducing the industry’s first agentic AI workforce, we empower property teams to deliver exceptional living experiences. Through our resident experience platform, LOFT, and an integrated suite of services, RealPage gives millions of residents greater transparency, flexibility, and ease - helping them lease, live, and engage confidently in their communities. Backed by Thoma Bravo and recognized by Forbes, Newsweek, and EnergyStar for innovation, sustainability, and workplace culture, RealPage is headquartered in Richardson, Texas, with offices across North America, Europe, and Asia. We’re building the future of real estate by connecting technology, people, and communities.