TMCnet Feature
September 30, 2020

What Multifamily Operators Need to Know About Smart Technology Before It's Too Late

Are you burnt out by the daily grind and craving some convenience? You have come to the right place. Today, we are going to talk about smart apartments and how they give you the convenience you desire.

Smart Apartments have been in use for a while but are still quite new. They sync with high-end technology to provide a luxury living experience. Now we have reached a point where they are no longer considered a luxury but are beginning to be demanded as a necessity. This new reality can be of benefit for renters and owners alike. At one end of the spectrum, owners enjoy greater monetary earnings and ease in leasing their apartments; on the other, tenants enjoy tech convenience and a luxury living experience. In fact, reports reveal that 86% of the millennials do not mind paying more to live in a home with remotely controlled devices.

Importance of Smart Apartments for Multifamily Owners or Operators

Smart Apartments are trending because of the multitude of benefits they offer to multifamily owners and operators. The luxury living experience that it offers has been the cause of a significant shift from traditional apartments to smart homes. Voice control and smart thermostats are some of the unique devices that aid data collection to control vacant units. Consequently, builders and owners are trying to make their offerings unique from one another by initiating specific smart apartment packages.

Smart amenities such as smart light, smart locks, smart kitchen appliances, smart TV, and many others are some of the major attractions currently triggering renters. Owners have taken notice of this and are now rushing to deliver smart home packages to tenants.

Benefits for Multifamily Owners

Higher Rents

Smart apartments provide a seamless experience where tenants can save time and live a luxurious life. Of course, for tenants, it is appealing to live in a comforting environment; this is why they are willing to pay up to $35 more to enjoy the perks associated with smart apartment technology access.

Disaster Avoidance

Smart apartments help you save money in insurance premiums by providing you with an early warning system for disasters.

As many already know, water leaks, fires, apartment flooding, and other disasters can cause severe damage to your property, increasing your insurance premiums in the process.

However, with smart apartment technology like sensors and smart leak detectors, the chances of accidents become greatly reduced, improving NOI.

These types of devices are an ideal solution to mitigating the risks and damage costs mentioned above.

Time Saved

With smart apartment technology, you no longer need to be present for every little thing. For instance, smart door locks and keyless entry can help you to digitize your property and avoid having to pull keys for every little issue that arises. You do not even need to go on property tours, as prospective tenants can now be granted temporary punch codes.

Smart Apartments Will Soon be Insisted Upon by Tenants

As stated by Statista, smart apartment market penetration will be 32.2% in 2020 and is expected to hit 56.9% by 2025.

To put it simply, owners need to collect rent, handle maintenance tickets, and manage different packages. On the other hand, buyers need a living that is hassle-free and easy. Smart home technology solves all these problems. Embracing this technology-based solution now lets you attract higher rent-paying tenants and gain a competitive edge against competitors.

Arize offers many of the smart solutions mentioned above. A smart apartment technology company, they provide convenient, connected, and secure living for all types of properties.

Get one step closer to living the smart lifestyle by contacting us here.

Author Bio

David Liang a successful Co-Founder of an IoT startup venture, and Product Manager at Arize.

He currently manages the development of smart apartment technology products that focus on increasing efficiency, sustainability, and user experience. 

Favorite quote: “Life is like driving a car, you use rear mirrors to reflect but wipe your windshield to continue to drive forward.”

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