New white paper, developed in partnership with Groove Technology Solutions, examines rising demand for proptech

Parks Associates’ white paper, Resident Demand for Technology: Evaluating Amenity Fees, finds that a higher percentage of multifamily residents who pay amenity fees report higher satisfaction with property-provided smart home devices than those without such fees – 77% versus 68%, respectively. The research, developed in partnership with Groove Technology Solutions, estimates that as of 2024, approximately 13% of apartment residents live in an apartment with an in-unit smart amenity package.

“For many prospective residents, especially younger residents, smart technology isn’t a luxury anymore – it’s what they expect,” said Kristen Hanich, Director of Research, Parks Associates. “While demographic interest in smart technology may vary, properties that delay adoption risk falling behind on both resident expectations and operational performance.” 

The adoption of smart amenities enhances the quality of life for residents and positions property managers and owners at the forefront of innovation, enabling them to better compete with comparables in the markets that they serve while increasing overall NOI and ROI. Other data points highlighted in the research:

• The ways these financing mechanisms are structured for proptech commonly depend on the age of the property, the hold length, and the owner type, as well as the market segment. 
• Resident amenities are commonly funded via amenity fees. These fees fund ongoing SaaS and hardware financing costs, as well as for future hardware replacement cycles.   
• Key decision makers report an overall average of 20% savings from smart building technologies.
• Parks Associates consumer surveys find that roughly 14% of US apartment residents report paying an amenity fee for technology.

“Smart technology has become a baseline expectation for today’s renters, and it’s transforming the way multifamily properties operate,” said Lance Platt, President & CEO of Groove Technology Solutions. “We’re proud to partner with Parks Associates to highlight how forward-thinking property owners are leveraging technology not just to meet resident demand, but to unlock real, measurable returns on their investments.”

“Technology amenities are standard now in new construction,” Hanich said. “Older properties are looking at ways to cost-effectively bring in smart technologies to better serve their residents and operational needs.”

To schedule an interview 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. A woman-owned and woman-led company, Parks Associates is a trusted partner and advisor to executives, providing custom research, strategic consulting, and forward-looking analysis across smart home, small business, and commercial markets, including security, 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 Groove Technology Solutions
Headquartered in Salt Lake City, Utah, Groove Technology Solutions is a leading provider of integrated, end-to-end technology solutions for multifamily properties. With deep expertise in managed TV, Wi-Fi, phone services, access control and safety systems, smart building technologies, and digital infrastructure, Groove delivers comprehensive, future-ready solutions backed by expert, ongoing support. Learn more at getgrooven.com.