Why Multifamily Can’t Ignore Smart Home – and How to Implement It Successfully

Apartment operators can be a cautious group. They often are slow to embrace new technologies and new processes.
But when it comes to smart home solutions, the time has come for multifamily owners and managers to embrace the new era. The reasons for doing so are powerful.
Put simply, residents like them – and they can create valuable ancillary revenue.
A recent report from the National Multifamily Housing Council and Kingsley Associates provides valuable insight into residents’ feelings about smart home technology. According to the study, they seem particularly interested in solutions that will lead to lower utility costs.
For instance, the report says, 70.5 percent of residents say they are “interested” in smart thermostats while an additional 6.6 percent say they wouldn’t rent a home without one. Additionally, residents would expect to pay a monthly rent premium of $30 for the feature.
Similarly, 66.9 percent of residents are interested in smart lighting, and another 5.3 percent indicate they wouldn’t rent an apartment that doesn’t have this technology. The monthly premium they expect to pay for smart lighting is $29.
Still, even though smart home technology presents such a great opportunity for apartment operators, it’s something they should implement only after considerable due diligence and thoughtful planning.
Below are five things any operator should do before installing smart home solutions in their communities. (The successful implementation of smart home features will be the subject of a session at the Multifamily Innovation Conference – Atlanta in early February.)
1) Make sure any potential smart home provider has sufficient cybers……