Smart Home Tech Comes to Multifamily: Here’s Why
With the era of smart home technology in full swing, it’s no wonder that it’s begun seeping into CRE’s multifamily market.
According to a study conducted by the National Association of Realtors, the smart home market is expected to skyrocket to become a $130 billion industry by 2020. What’s more, today’s consumers are demanding the ‘smart’ experience within their living spaces. In fact, it spans across all age groups. According to the NAR report, 43% of Americans with smart home products are Millennials, 33% are aged 33-54, and 24% are age 55 and older.
However, it’s more than just popular demand fueling multifamily’s smart revolution. There are some serious benefits for commercial living properties that benefit residents, multifamily managers, and landlords alike. Here’s an inside look at how smart tech is being integrated into multifamily living:
Enhanced Security Capacity
Security is the biggest reason why people want to incorporate smart home technology into their living spaces. On the topic, Jason Johnson, the CEO of smart home company August Home Inc. states, “Smart home technology is creating a new paradigm for home security. The new era of smart security and smart home products offer consumers visibility and control over their homes that previously had not been available with traditional security systems.”
For multifamily properties, safety and security is always a vital concern. However, smart home tech is helping residents feel at ease and stay protected. Smart home security systems utilize high-tech cameras, sensors, and alarms; all helping to reduce crime-related incidents. Smart locks on doors allow tenants to set personalized access codes or use fingerprints, going beyond what a conventional lock is capable of.
Energy Efficient Solutions
Did you know that commercial buildings are some of the biggest wasters of resources? MIT Researchers revealed that commercial properties use up to 20% of the country’s total energy consumption and produce 12% of the nation’s greenhouse gas emissions. To make matters worse, it’s estimated that 30% of this energy is wasted.
However, this can all be reversed by making a few simple eco-friendly adjustments – and that’s where smart solutions are making headway. Smart building technology uses advanced detection and data gathering systems, enabling building managers to detect leaks, control energy use, and lessen waste. Not only does this benefit the environment, but it saves property managers and landlords money, stress, and prevents property damage.
Increased Access and Automation
Residents are given unimaginable control with smart apartment technology – both at home and on the go. Smart home tech puts the power in the palm of their hands, allowing them to easily interact with their home from anywhere in the world.
Smart home apps allow residents to control temperature, turn on lights, lock and unlock doors, play music, and even turn the oven off from their cell phones. This is a major selling point for prospective apartment shoppers, and it’s helping multifamily properties reach a new standard of luxury. It’s benefits like these that are making smart technology the #1 amenity for CRE’s multifamily market. Want to keep up with all things commercial real estate? Explore our blog!