New MDU research examines adoption of IoT and smart apartment technology in multifamily properties
Parks Associates’ newly published study Smart Properties: The Value of IoT for MDUs, a survey of 300 multifamily property owners/building operators, reveals 24% of properties report having a smart building provider or aggregator for at least one of the properties they serve. The primary research study provides insight on technology adoption and needs among multifamily property owners and operators, with a specific focus on connectivity, IoT devices, and smart building services.
“Respondents report using an average of three smart building platforms throughout their portfolios,” said Kristen Hanich, Research Director, Parks Associates. “This market is highly fragmented, far from settled, and competitors who can prove their value, ease of use, and positive customer support experiences can gain share across a company’s property portfolio.”
Security monitoring, smart thermostats, and water management are commonly integrated into these systems. Electronic access control, parking management, and package management solutions are more likely to be stand-alone systems.
MDU owners and operators report that smart building solutions have had a positive impact on tested metrics, including increasing operating efficiency and reducing operating costs, energy and water utility costs, and the number of safety or crime incidents across their portfolios.
“Companies are leveraging the experience they’ve gained in deploying the earlier generation of smart building technologies to create benchmarks for effectiveness,” Hanich said. “These benchmarks serve as guides for their future deployments.”
Smart Properties: The Value of IoT for MDUs is available for purchase.
About Parks Associates
Parks Associates helps companies identify new opportunities, refine strategy, and accelerate growth in connected technology markets through data-driven insights and industry expertise. With more than 40 years of experience, the firm delivers proprietary consumer and industry research, market forecasts, and strategic analysis that guide business decisions across personal, connected home, small business, and commercial technology ecosystems. Parks Associates supports clients in navigating evolving markets including AI, security, smart home, broadband, entertainment, energy, multifamily, smart buildings, and connected health.
The firm also fosters industry growth and collaboration by convening thousands of leaders each year through its flagship executive 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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