When is the right time to invest in multifamily property technology? Considering the current economic climate, there’s no better time than now to start improving your bottom line with cost-saving opportunities. Our research shows that 73% of enterprise-level property managers who’ve adopted smart tech solutions in their buildings see reduced operational spending. This may be particularly appealing to multifamily property managers now that bills and labor costs have risen.
Aside from savings, a well-curated tech stack can also retain and attract residents to your property. Trends show a high demand for convenient living and modern amenities among residents. According to Apartments.com, 82% of residents plan to move within the next year, providing property managers with a great opportunity to improve building occupancy and overall revenue by investing in modern technology solutions that attract and retain residents.
So, where do you start when it comes to rethinking your multifamily tech stack? We’ve compiled a list of the top solutions to help you get started…
Energy management
As we transition into spring, property managers remain mindful of the financial burden that increased energy bills can place on themselves and their residents. HVAC management systems use IoT-connected hardware (sensors) to reduce unexpected machine maintenance costs. This technology provides real-time monitoring of the system performance and alerts users of potential issues before they can cause significant damage. This drastically reduces the risk of breakdowns which can leave residents without heating or cooling for days.
Our research demonstrates a demand for well-maintained HVAC systems, with more than a third of current and potential residents rating indoor air quality as a must-have property feature.
Go one step further and connect a smart thermostat to your HVAC system. You’ll benefit from increased control, proactive maintenance alerts, cost savings on vacant units, and access to historical data, which you can use to improve your building’s usage. Additionally, your residents will appreciate the ability to set temperature schedules for optimized consumption, have remote access to their heating and cooling, and take advantage of geofencing technology to automatically adjust energy usage based on their location. Thanks to these device features, smart thermostats have the potential to save you and your residents between 9% and 23% on energy bills. By implementing these technologies, property managers can demonstrate a commitment to maintaining comfortable and efficient living spaces, while also significantly reducing costs.
Water management
An efficient way to reduce spending and save water is by implementing a water management system. Like HVAC management technology, water-saving solutions are powered by sensors. These sensors alert property managers to maintenance needs, such as a small water leak, before an issue escalates and causes major damage to your rental. This maintenance can save up to 90 gallons of water a day.
Damage resulting from burst or frozen pipes, major sudden leaks, or accidentally leaving the water running for a long time can result in significant costs. Smart water valve technology puts an end to the unexpected costs of such issues, as intelligent technology will automatically react to anomalies and shut off the water supply. Proactive monitoring technology can help prevent spending thousands of dollars in unforeseen circumstances, ultimately saving property managers and residents from potential financial burdens.
Access technology
Recent data from Rent.com reveal a staggering 82% of residents want at least one smart home tech device in their rental unit. Our Property Management Insights report also found that proptech has the potential to increase resident retention, with 56% of residents stating smart home tech increases their desire to lease. So, what devices can you install to keep residents happy and improve your appeal?
Our research shows smart door locks are the most sought-after property feature likely due to more than half of residents prioritizing safety and security. Keyless access solutions give residents and property managers remote visibility and control over their rental security, enabling them to grant access to visitor access through a secure key code.
Smart locks can even help multifamily property managers fill vacancies quicker. The technology powers self-guided tours, which allow prospective residents to view a rental at a time that best suits them. Since 4 in 10 prospective residents have abandoned their pursuit of a rental unit due to time constraints, such technology increase building occupancy and prevents unprofitable vacancies.
These three smart home tech solutions form a fantastic foundation for any multifamily property manager looking to maintain and increase revenue. With these tools and your team, you’ll be able to improve the resident appeal and combat costs during a challenging time in the industry.
Want to know more about what’s happening in the industry? Check out this article in Residential Tech Today on 5 multifamily living tech trends for 2023, written by our Head of Marketing, Angel Piontek.
