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 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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