Over the past decade, renters have come to expect certain property technologies like WiFi as basic amenities. While operators and suppliers are still working through which type of WiFi solution, bulk or managed, makes the most sense, regardless, WiFi can serve as infrastructure for more comprehensive technology systems. Forward-thinking property managers are already leveraging next-level smart solutions, powered by WiFi, to boost revenue.
Connected smart homes offer property managers the opportunity to meet renter demand and expectations while optimizing property performance and revenue.
According to the National Multifamily Housing Council’s 2022 Renter Preferences Study, an increasing percentage of renters report using smart home devices and also indicate a willingness to pay $10-$30 more in monthly rent when a home is equipped with smart devices, including lighting, appliances, high broadband speed, and remote access control.
Homes with a network of connected smart solutions provide safety, security, and energy savings, as well as a differentiating advantage in a competitive market.
Performance Opportunity
Property managers have an immediate opportunity to improve energy efficiency, increase resident safety and satisfaction, and boost asset values through smart solutions.
Smart tech is an effective tool for owners and managers to attract and retain residents.
Research by Parks Associates shows nearly 75% of owners and operators are very concerned about residents wasting energy, yet only 26% have an energy management/monitoring system in place.
Barely one-third of property managers have connected smart home devices installed in even one property they manage, though 80% said they plan to install a connected device in the next 12 months.
Of owners and managers with smart home tech in place or on the horizon, most project operational savings between 10%-20%.
Meeting Renter Demand
“Renters want a truly connected living experience, and the data validates this perspective,” said SmartRent CEO Lucas Haldeman.
“A connected home is not just about managed WiFi. It is about future-proofing a property with smart home technologies. Property managers are in a unique position to not only optimize NOI and operations through proptech solutions, but to also offer exceptional resident experiences that exceed renter expectations.”
In properties with in-home smart technology, 78% give residents some control over their devices, enabling residents to better manage the environmental footprint of their homes. That autonomy is attractive to green-minded residents and helps to drive both leasing and renewals.
With careful consideration to smart connectivity and renter preferences, operators can create the energy-efficient and fully customizable living experiences that today’s renters demand.
Smart home technology offers a comprehensive solution that not only attracts renters but also optimizes property performance, reduces operating costs, and taps the full revenue-generating potential of this market.