Smart home technology has grown by leaps and bounds. It’s not just for single-family homes. Residents who live in multifamily residential buildings want it, too. It’s a no-brainer for apartment communities to adopt this amenity.
Multifamily Executive shares results from a Smart Home Technology Trends survey by Quext. The survey says participants are more interested in smart home technology than they are in artificial intelligence (AI), 5G, and the metaverse. Over half of the respondents with higher incomes use smart home technology, specifically smart security and lighting systems.
Those with lower incomes still have a little more than one-third using smart security. The survey found that 23% of participants indicated their apartment community already offers smart apartment technology.
Benefits of Smart Home Technology in Residential Properties
It’s not surprising that smart home technology has grown fast. Ruby Home shows the smart home market reached $31.5 billion in 2022. They also mention that more than two-thirds of homes in the U.S. will have smart home devices in 2027. Here are the top five benefits of smart home technology in apartment communities.
1. Increase appeal
Smart apartment technologies enhance property value and appeal. Residents love modern amenities that make their lives easier. They like to be able to control things in their units while away from home. For example, they may have forgotten to turn down the air conditioning or turn off the lights. They can fix that by opening an app on their phones.
Maybe they’re coming home after a long vacation. They don’t want their unit to be hot. So, they can turn on the air conditioning to cool off their place by the time they’re home.
2. Offer convenience
Keyless entry is another technology residents value. They don’t have to fret over losing their keys. Property managers don’t have to worry about changing the locks when a resident moves out. If a resident is expecting a worker or cleaning crew, they can automatically unlock the door for them when they arrive.
Smart home technology makes everyday tasks easier and more convenient. Residents can use smart home assistants to set reminders, manage schedules, and access information. Appliances that come with smart features allow the resident to change the appliance settings and even take advantage of automatic defrosting and oven cleaning.
Even property management teams can take advantage of remote smart home features. They can manage the property by using video cameras to check the property. Employees can provide access using remote locks and security cameras to ensure they’re providing access to the right person.
3. Improve energy efficiency
Another benefit of smart apartment technology is energy efficiency. This not only saves residents money but also saves money for the apartment property management company. Residents can limit their heating and air conditioning use when they’re away. This saves on energy costs. The younger generations like the millennials and Generation Z tend to value sustainability. Having energy-efficient appliances and smart home technologies will be a selling point.
4. Cut maintenance costs
Smart home technology can keep residents and the property management team on top of routine maintenance and catch problems early. It’s important to have regular maintenance because it extends the life of the property. It can also save on expensive repair bills because maintenance can spot things before they become bigger problems.
For example, a building may have leak detection capabilities. The team can be notified when there’s a leak. They can call in the experts to look at it. If they had not been notified of the leak, they may not have known about the problem until a flood happened, which is too late as it could cause a lot of damage.
5. Gain a competitive advantage
Multifamily residential properties with smart apartment technology can stand out from other apartment communities. They could attract more residents. When residents have the technology they want, then they’re likely to be happy and stay longer.
It can also make it easier to upgrade and scale as the building will already have a foundation of smart technology. Upgrades in a building with smart home technology don’t typically require major renovations as one that doesn’t have the technology.
Types of Smart Apartment Technologies
According to Fortune Business Insights, here is the global smart home market share by device type as of 2022:
- Consumer electronics: 35%
- Lighting control: 13%
- Climate Control: 17%
- Energy and water control: 9%
- Safety and security: 26%
Falling under consumer electronics, voice assistance is a fast-growing smart home technology. In 2021, it was worth $4.6 billion. That number jumped to over $19 billion by 2023 according to Juniper Research. Consumer electronics encompasses entertainment and communications, such as smart TVs and smart speakers.
As previously mentioned, climate and lighting control improve energy efficiency while saving on costs. Some climate control devices may contain learning algorithms to learn from a person’s preferences and optimize them for comfort and energy savings. There are moisture sensors that monitor for potential mold.
Lighting controls can go beyond turning the lights on and off. They can adjust the brightness and color. They can be put on a schedule. Smart blinds and shades manage the lighting coming into the apartment unit. It can optimize it for natural lighting and energy savings while making it easy to control privacy.
Energy and water control focuses on energy and water consumption in the apartment units. It can track the water use in refrigerators and washing machines. Energy consumption includes smart appliances, smart sensors, smart sprinkler systems, and smart plugs. Smart plugs allow people to control devices and track their energy usage.
Safety and security devices can protect the apartment community and provide residents with peace of mind. Safety devices include smoke detectors and carbon monoxide detectors. Smart locks fall under safety and security. They give residents and the property management team more control over who can enter any part of the building.
They can also further enhance security when they’re integrated with video surveillance, remote monitoring, and access control systems. An access control system monitors who enters and exits the property. When incorporated with security cameras, the people watching the cameras can verify people are who they say they are.
Security for Apartment Communities
Safety and security are a priority for many apartment residents. However, traditional security technologies often don’t catch a problem until after the damage has already happened. Video surveillance with remote monitoring is a proactive technology that can make residents and employees feel secure.
By adding video cameras with monitoring services, a multifamily residential property could see its net operating income (NOI) go up. It also helps with resident retention. Security cameras with trained monitoring operators and video analytics can watch the entire property. This includes the inside and outside common areas like the parking lot.
Video analytics turns security cameras into smart home security by automatically monitoring all the cameras for potential scenarios. As soon as it finds a potential match, the system notifies a monitoring operator. The monitoring operator can respond based on the situation. They’re not located on the apartment property, so it makes it effortless to take the correct action.
They can follow anyone who is acting suspiciously and warn them over an onsite speaker. If the person does not leave, then the monitoring operator can call the police and keep them informed of the situation.
More Advantages of Remote Security for Apartment Communities
Security cameras with monitoring services don’t just help deter crime and prevent damage. Apartment property managers use monitoring services to receive reports on safety hazards. It’s possible having the remote security system could lower insurance premiums, which have been soaring. Video surveillance can help lower liability.
Security is an often-requested apartment amenity. By implementing a security solution that combines cameras, technology, and human intelligence, apartments could attract more residents and strengthen resident retention.
The savings from keeping apartment residents can help ensure a fast return on investment. Remote security cameras with monitoring are one of the most affordable amenities. Many apartment communities working with ECAM have seen a return on their remote security investment within four months. That’s because video surveillance adds multiple layers to security while making everyone feel safer.
Searching for a Remote Security Company
How can multifamily residential property managers find the right security partner? Refer to this video surveillance safety checklist. It lists 16 things to keep in mind when it comes to monitoring. The checklist will simplify shopping for remote video surveillance technology. It’s also important to understand that no two apartment communities are alike. They will have different requirements.
The multifamily residential industry has different security needs than other industries do. To ensure every apartment property gets optimized security, work with a security company with experience in the multifamily residential industry like ECAM. Apartment community managers who work with ECAM can expect to receive a customized remote security plan for the apartment community.
A team of experts can design a video surveillance system that meets the apartment building’s requirements and budget. Want to learn more about multifamily residential security technology? Check out the Complete Guide to Securing Your Multifamily Residential Building.
This guide lists options for securing an apartment community to help protect residents, employees, vendors, and visitors. You’ll discover four lines of defense that can bolster building security. It will also walk you through selecting the right security system that fits your budget. To learn more, contact us.
