Parks Associates’ newest research Growing Multifamily Value Through Smart Energy Savings, released ahead of Apartmentalize 2025, finds that MDU owners and operators have experienced a reduction of 18-19% in energy and water costs by leveraging new smart building technologies. The white paper, developed in partnership with SmartRent, examines the evolution of property technologies and identifies how companies are utilizing smart energy technology to achieve significant cost savings and improve their operations.
“More than a million new residential units hit the US multifamily housing market in 2024 and 2025, depressing rents at a time when rising inflation and negative population growth threaten to raise expenses and lower occupancy rates,” said Kristen Hanich, Director of Research, Parks Associates. “Owners and operators are exploring new ways to improve their fiscal performance and appeal to price-sensitive residents.”
Parks Associates’ consumer survey data reveals 83% of multifamily residents either actively work to reduce their energy consumption at home or would like to reduce energy consumption but don’t have the time or knowledge to do so.
These factors create a marketable opportunity for multifamily communities. Many renters will gravitate toward communities that emphasize state-of-the-art energy efficiency and environmental sustainability. Investments in smart technologies allow companies to market these benefits as a differentiator to new residents while also enabling better management and control of their energy usage.
"Parks Associates truly captures the urgency of proactive asset repositioning through sustainable energy practices, as renter preferences and government regulations shift further toward responsible energy management," said Braeden Scheer, Vice President of Product Management at SmartRent. "The white paper provides a timely and critical overview of smart technologies in multifamily and their increasing role in energy reduction and utility savings. This resource also examines the opportunities to leverage smart home innovations — including smart thermostats, humidity sensors, hubs and leak detectors — to mitigate disaster-related damage and boost NOI through streamlined operations and lower labor costs."
“As platforms mature, AI will increasingly play a role in making predictive adjustments and surfacing insights that go beyond rule-based automation,” Hanich said.
Apartmentalize, held June 11-13, is the National Apartment Association's (NAA) annual conference and trade show for the apartment housing industry. The research Growing Multifamily Value Through Smart Energy Savings is available to download. To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein, mindi.sue@parksassociates.com, 972-490-1113.
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
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