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Providing market intelligence for more than 35 years
Investing in Smart Tech: Practical Guidance for Properties
Tuesday, Dec 12,2023 | 11:00 am CST
(9:00 am PST)
Co-Hosted By Cox Communities
Join us in this webinar to learn how smart amenities, including connectivity and smart home solutions, set properties apart.
The multifamily market is at a key moment of change. High interest rates and historically low housing stock mean that more of the US population resides in multifamily properties, and new apartment construction is at historic highs. At the same time, properties face staffing challenges, rising insurance rates, and reduced consumer spending due to inflation, putting downward pressure on rents.
In this environment, property managers seek to compete against tech-forward new builds and boost rent by modernizing their properties, giving residents a premium experience that responds to new demands for remote work at home, resident convenience, and safe and secure access to the property and units. Parks Associates research finds that 95% of property managers perceive smart home devices can increase rental fees by between 5% and 30%.
In this webinar, Parks Associates and Cox Communities will share research that quantifies the impact of smart devices on resident satisfaction and insights into how specific resident segments value property-provided technology. Speakers discuss the top motivations driving properties to invest in smart technologies and share practical guidance to ensure successful deployments, covering both new builds and retrofits. The panel shares experiences with past deployments to highlight potential pitfalls and ways to mitigate pain points and avoid burdens on staff and residents.