Top Factors for Multifamily Owners to Consider When Evaluating Smart Tech

Smart home technologies are in high demand. Apartment renters want the convenience and security of smart devices, like video door bells, mobile access, and smart thermostats and lighting. In the Allegion 2023 Multifamily Living Trends Survey, 38% of respondents said that smart technologies were a must-have apartment feature, and more than 50% of renters earning more than $100,000 per year required smart home features in the unit.

The realization that smart IoT devices and systems can do more than meet resident demands is driving change in the industry, says Adam Winstanley, manager of sales engineering for Quantum Fiber. “Multifamily owners, operators and property managers are recognizing benefits such as increased operating efficiencies, reduced operating costs, and reduced utility costs,” explains Winstanley.

Top Factors to Consider When Evaluating Smart Tech:

Resident Expectations: When integrating smart features into multifamily properties, it’s essential to prioritize both safety and convenience factors that residents expect. Modern residents are increasingly looking for properties that offer enhanced security measures and the convenience of smart home technology.

Management Efficiency: Smart systems allow property staff to remotely manage various aspects of the property and down to each living unit, such as heating/cooling, lighting, security, and maintenance. This remote management capability not only saves time but also ensures that issues are addressed promptly, leading to more efficient operations.

Competitive Landscape: By understanding what other properties in the area are offering, property owners can prioritize which smart solutions will make the biggest impact. This competitive analysis can help in making informed decisions about which technologies to invest in, ensuring that the property remains attractive in their market.

Financial Benefits: The cost savings and return on investment (ROI) should not be overlooked. Smart features can lead to significant cost savings in the long run by reducing property management time, maintenance costs and resource consumption. Additionally, the initial investment in smart technology can be offset by the increased rental income that comes from offering a more desirable living environment. Working with providers that will develop custom solutions tailored to help you plan for your property’s needs can help ensure smart tech investments will provide ROI.

Tools Needed to Create a Smart Network

Unoccupied units with deactivated internet service don’t allow smart devices to be online. To manage these in-unit devices, such as smart locks, alarm systems, water detection, thermostats, and lighting online, an IoT bridge is a good solution. This bridge allows selected devices to be accessible for property staff through an app or online management system. Quantum Fiber currently offers Connected Pass at no charge, allowing IoT traffic to pass between the empty unit and the management software for remote device management. This ensures that the property’s smart systems can operate seamlessly without incurring extra expenses, making it a cost-effective solution for property owners.

Fiber internet and WiFi devices are essential requirements to support these smart technologies. Fiber-to-the-unit can ensure a stable and consistent connection to IoT devices. “Fiber-to-the-unit has the bandwidth, reliability, and security that not all internet solutions provide,” Winstanley explains. “It has longevity without the costly expenses to maintain or replace, and it eliminates the concern about needing to update the infrastructure as new smart technology is developed.”

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