Smart Home, Smart Investment: A look at the integration of smart home technology in apartments
Over 6.6 billion people have smartphones today and chances are you are reading this on your smartphone right now. What does a smartphone have to do with multifamily homes?
Well, the Internet of Things (IoT) has made its way to the multifamily home conversation over recent years through smart home technologies controlled by a smartphone. In a recent study, 37% of apartment renters said smart home amenities, like remote thermostat control, smart locks, and smart lights are important to them. With smart home technology only advancing, it’s an amenity that cannot be overlooked.
Today, our REEP Residential team is providing our renters with a sense of ownership and personalization of their homes by including smart home technologies that optimize their day-to-day. Because whether you are a homeowner or a renter, it’s your home and it should feel like you.
Smart Home Case Study
Avenue M, a Tech Forward Community
Avenue M, a REEP Equity property located in Houston, Texas, provides pre-installed smart home features. Shortly after purchasing, we made enhancements to the units by adding smart keypad locks, smart touchscreen thermostats, and smart lighting. Recently the on-site team has received feedback from tenants that they enjoy the control they have by using one app for their smart devices. In the video below, Taylor, our Community Manager, guides prospective residents through the smart home features of units at Avenue M.
In addition to pre-installed features, we offer tenants the option to rent out supplement devices. They can add items like video doorbells, additional smart home hubs, motion sensors, and security cameras. Tenants can easily add these items through the Smart Rent app. We’ve partnered with some of the most companies such as Ring, Amazon, JASCO, and Alloy Home to provide quality smart home devices.
The addition of smart home technology to our properties provides many benefits:
1. Smart Apartments for the Generations
Gen Zers and millennials between the ages 18 to 44 years old are dominating the renter’s market and they’re doing so with their phone in hand. Growing up in the age of technology, it’s integrated into their lifestyle to use tech for various reasons, a big one being convenience. We like convenience because we are all busy and what is more convenient than scheduling the thermostat, automating lighting, and keyless entry with smart locks controlled on our phones?
Typically, the younger generations are known as tech-savvy, but you don’t want to overlook more mature generations. 20% of 45 to 65-year-olds make up part of the renter’s market and although technology may not be second nature to them, smart home devices still serve a purpose.
Can technology be…timeless? It’s proving to be.
2. Empowering Tenants Living with Limitations
Smart home devices can help accommodate tenants living with disabilities with smart home devices. Accessibility needs vary and smart home devices can make daily tasks safer and more manageable. Having voice-command smart hubs or automated thermostats and lighting can make all the difference.
Moving forward, we believe this technology should be at the forefront of planning to meet accessibility needs in multifamily homes.
3. Competitive Edge
Although modern smart home technology has been on the market for years, it is slowly growing to be a standard amenity in multifamily properties. Properties with these devices have a leg up on their competition. Renters are looking for these devices that are ready to use and connect to their phones.
4. Optimize Management Protocols
Technology not only benefits the tenant but the management company and staff. Smart locks alone help the on-site team streamline their workflows saving time and cost. For example, cutting keys can be time-consuming but for a property with smart locks, when there is a new tenant there is no cost or time for cutting new keys, and a new code for the new tenants is created through an app.
Another benefit is that the on-site team can control utilities in vacant units by remotely monitoring and automating the thermostats and lighting through an app from anywhere on the property. If there is a tour scheduled, the leasing agents can prep the unit with the smart thermostats and ensure the unit is cooled or heated to the perfect temperature.
Technology for Today and Tomorrow
Interest in smart home features in multifamily homes will continue to rise as renters are looking for amenities that complement their busy lifestyles so they can spend time on what is important to them. Smart homes are a smart investment.
Would you like to learn more? To learn more about upcoming investment opportunities, join our network, schedule a call, or email us. We are happy to help answer any questions you have.
Sources:
https://www.bankmycell.com/blog/how-many-phones-are-in-the-world#part-8
https://www.statista.com/statistics/875040/most-important-apartment-features-for-renters-usa/
http://disruption.nmhc.org/wp-content/uploads/2018/01/NMHC-Multifamily-Disruption-Report.pdf
