As temperatures drop, property managers require reliable heating systems. Multifamily smart thermostats offer an effective solution for improving resident satisfaction and reducing heating expenses.
Intelligent buildings attract tech-savvy residents, particularly Gen Y and Gen Z digital natives who are comfortable with using smart appliances.
The adoption of smart property technology can increase resident satisfaction. From remote viewings and keyless entry to intuitive HVAC systems and smart water solutions that keep bills low, smart living is an attractive prospect.
Real-time monitoring of building sensors enables early detection of potential HVAC issues, ensuring residents enjoy a comfortable and reliable environment with their heating and air conditioning. This prevents distressing calls to property managers about sudden HVAC breakdowns, and maintains a pleasant living experience for the resident.
Resident satisfaction
A smart thermostat functions as a personal AI controller for the residents, seamlessly maintaining their preferred temperature without requiring manual adjustments to the HVAC settings.
This solution takes a standard programmable thermostat one step further by learning the resident’s habits and adjusting its output automatically, serving both cost savings and the environment by minimizing wasted energy output.
Smart thermostats empower residents with control over HVAC settings via a mobile app, accessible from any location. This feature not only guarantees optimal comfort and convenience but also helps prevent issues like frozen pipes by allowing residents to adjust the temperature remotely during sudden cold spells.
Tech appeal
The early adopters of technology tend to be on the younger side, with 50% of all dedicated followers of new products being ages 18 to 34. These consumers are more than twice as likely to believe that smart appliances improve their lives, and three times more likely to want to test a new product compared to the average person.
While standard amenities may not excite potential residents, innovative technology can make a property stand out. Early adopters often possess higher than average disposable incomes, making them an attractive demographic for multifamily property managers.
Cost-saving opportunities
The energy crisis has led to soaring electricity prices, impacting both property managers and residents. Smart thermostats offer a more efficient alternative to conventional devices and use energy more efficiently than their standard counterparts.
Intelligent HVAC systems adapt to residents’ habits, adjusting their output based on occupancy. When the integrated geo-location sensors detect an empty property, the system switches to power-saving mode, resulting in cost-savings.
Continuous HVAC performance monitoring performed by a smart thermostat allows early detection of potential issues. This proactive approach to maintenance extends the system’s lifespan and reduces costly repairs.
One study found that this automated monitoring saves $250 per home on HVAC maintenance.
Sustainability
Today’s consumers are increasingly conscious of their carbon footprint, with energy wastage being a significant concern for many residents.
Many are willing to invest in eco-friendly practices. A recent study revealed that nearly three-quarters of Gen Z consumers are willing to pay more for sustainable products.
Smart thermostats provide residents with daily energy usage data, equipping them with the necessary information to reduce their usage.
The whole package
Implementing multifamily smart thermostats can initiate a beneficial cycle for property managers.
Increased resident satisfaction can attract higher-paying clientele, reduce energy costs and contribute to environmental conservation.
Satisfied residents tend to stay longer, reducing costs associated with vacancy periods and resident turnover for multifamily buildings.
Property managers who prioritize resident satisfaction could find that they end up increasing their own.
Want to find out more on how automated technology can boost cost-effectiveness and sustainability? Read Mike Branam’s article in Yield PRO here.
