Turning the lights on with a voice command, setting the thermostat to a comfy temperature before your afternoon commute, and even remotely feeding Fido a treat midday sounds like something out of an episode of The Jetsons. But the truth is, smart home technology is infiltrating the housing market at an astonishing rate.
Smart home tech isn’t just for single-family homes. Multifamily renters want to get connected. Smart home technology ranks among the top amenities’ renters are prepared to pay a more for.
Let’s dive into why you should contemplate installing smart home technology, what systems are sought-after on the market right now, and some tips to make implementing the new tech smoother.
Give renters what they want, and you’ll benefit, too.
According to a survey of 1,000 U.S. multifamily renters from lock manufacturer Schlage and Wakefield, more than 61% of renters are likely to rent an apartment precisely because of electronic access features. The same data shows that 86% of Millennials will pay about one-fifth more per unit if furnished with smart amenities like smart locks, thermostats, and lights.
If you can advertise your apartments as “smart,” you’re likely to be a top choice for many desirable renters. Plus, you’ll likely yield higher returns for your units.
POPULAR SMART HOME TECH
Smart thermostats
The Department of Energy reports that heating and cooling accounts for nearly half of the energy use in the typical American household. A smart thermostat is an excellent way to help cut back on energy bills. Your residents can control temperatures in their unit from their smartphones. So, for example, if they inadvertently leave the A/C on before a long weekend, they can shut it off right from an app. Voice can even control some thermostats.
Your residents won’t be the only ones seeing a decline in their energy bills. With smart thermostats, you can effortlessly control the temperature of vacant units and common areas. If you outfit your spaces with thermostats that “learn” or have motion sensors, you won’t even have to worry about regulating the temperature.
According to online reviewers, here are some of the highest-rated thermostats on the market:
· Ecobee4 (Ecobee3 Lite is also suitable for apartments)
Smart lighting
Heating and cooling might make up the bulk of energy usage, but lighting takes up its fair share. Americans spend about 9% of their residential energy on lighting. Imagine how much power you and your residents could save by using smart lighting!
Much like smart thermostats, equipping your units with intelligent lighting allows you and your residents to turn lights on and off remotely. As an example, say one of your renters rushes off to work without turning their bedside lamp off. With a smart lighting system, your residents can turn the bulb off from their smartphone. And if you forgot to flip the switch after showing a unit, you can turn it off the second you remember.
Here are some of the top picks for smart bulbs:
· Philips Lighting Hue White and Color Ambiance A19 Bulb Starter Kit
· LIFX Mini White
Wi-Fi connected outlets
Wi-Fi outlets are yet another way to increase the efficiency in your units. Small appliances found in nearly every apartment — TVs, Blu Ray players, computers — consume energy even when they’re turned off.
With a smart outlet, residents can set timers for their appliances and turn them on and off from anywhere with internet access. Any machine plugged into an intelligent outlet turns into a smart device. A handful offer USB connection for handheld charging. Some outlets provide insights into energy usage, which may prompt some folks to change some of their daily habits. After some time using smart outlets, chances are your residents will see a drop in their energy bills. Happy residents = happy property managers.
Here are some of the top picks for the best smart outlets:
Smart locks
One thing renters and property managers agree on is that dealing with keys can be cumbersome. A set of keys is surprisingly easy to lose, and getting locked out is an inconvenience many renters have had to face. And property managers have to keep track of keys for new tenants, people moving out, maintenance staff, leasing agents, and the list goes on.
Smart locks take all the hassle out of dealing with keys. Much like with the lighting and thermostat systems we’ve mentioned already, you and your residents can manage smart locks from a smartphone. Alternatively, some locks can be unlatched using a fob, card, or code, making them a viable solution for people who don’t carry a cell phone everywhere. Locks designed for the multifamily industry often feature solutions allowing property managers to control locks from a central hub, eradicating the need to keep track of hundreds of passcodes.
Here are some of the best smart locks for multifamily apartment buildings:
· Latch
· Yale Locks and Hardware
· Kwikset
Package lockers
Amazon shipped 5 billion shipments worldwide in 2017 — just to its Prime members. Proof that consumers love the ease and convenience of online shopping with free two-day shipping is in the numbers, but a constant flood of package deliveries can cause significant headaches. Every time a parcel comes in, you or your staff have to spend a couple of minutes with each one. A couple of minutes might not seem like a lot, but that time can add up.
Package lockers take the stress out of manually handling box deliveries. In a case study with the University of Nevada Las Vegas, we found that university staff was spending 240 hours every month just on package delivery. Now, with package lockers, the whole process takes only 13 seconds per package, and a team member doesn’t have to be involved at all. Package lockers make it easy for residents to receive and return parcels as well securely.
On the horizon
There are smart window coverings, appliances, and security systems on the market as well, but some of the technology is still in its infancy. And just like Sony’s first CD player cost about $1,000 in 1982, some of the new smart home gadgets can get pretty pricey. Keep an eye on emerging tech, and you might find something perfect for your properties down the road.