In our previous blog about using physical security to build a solid foundation for multifamily properties, you learned that physical safety and security are among the top concerns for residents. Safety is the foundation for improving resident experience in multifamily housing. If people don’t feel safe in their neighborhood or apartment complex, they will leave to find somewhere they feel secure. Wouldn’t you do the same?
Residents Want A Place To Call Home
Once you feel safe and secure, the next step for any resident is to make their dwelling into a place they can call home. This is where the most successful property managers set themselves apart by upgrading the property to meet the lifestyle of their residents. By being proactive and understanding resident lifestyles, you can capitalize on the trends that can ultimately increase the value of your property. While different lifestyles may call for specific amenities, smart-home technology is slowly becoming a new universal standard. Integrating smart-home amenities and convenient features into the daily lives of residents will enhance their experience, satisfaction, and ultimately want to stay in your property.
Solutions to integrate into the property to make residents feel at home include:
- Smart thermostats so residents can adjust temperatures remotely and monitor energy consumption
- Smart lighting so residents can remotely adjust each room and monitor energy use
- Smart sensors to protect against things like fire, smoke, and water leaks
- Voice-activated virtual assistants (like Alexa and Google Home) for hands-free, smart home management
Smart-Home Upgrades Are Smart-Investments
Residents are increasingly looking for safe, reliable, and high-tech multifamily housing options. The Millennial generation are the residents most likely to pay 20% more on average for these features and as of 2020, they are the largest generation of adults in the United States. According to Pew Research, they aren’t just the largest and youngest adult segment, but also the highest earners and most employed.
Integrating smart features into your multifamily property will not only fill your vacancies but will also contribute to overall revenue. Once these smart apartment amenities are installed, you can mitigate costs by increasing the value of the property – giving you more rental revenue per unit.
Even if your property is located in residential zones or districts that have rental caps, installing smart proptech can increase your bottom line beyond rent and amenity revenue. Installing smart-tech that proactively protects your residents and prevents property damage (thermostats, HVAC, carbon monoxide and smoke detectors, energy-efficient smart-appliances, etc) can lower your TCO (total cost of ownership) by preventing costly repairs that can potentially harm residents. The time, stress, energy and risk of losing your valuable multifamily asset is not worth forgoing the decision to invest in proptech for your multifamily facility.
To learn more about best practices in managing multifamily properties, check out the Brivo guide, Proptech Investments to Improve Your Multifamily Portfolio. You can also refer to the first blog post in this series, Use Physical Security To Build a Solid Foundation For Your Multifamily Property. Stay tuned for the next topic in this series on managing multifamily properties focused on property appeal and future-proofing your property.