When you renovate an apartment building or another type of multifamily property, your goals might include increasing the property’s value, enticing new tenants to live there, and retaining the tenants you already have. Some renovation efforts lead to bigger returns than others. If you’re trying to target today’s renters, one effort well worth considering involves incorporating smart home technology into your building.
While, once upon a time, smart stoves, thermostats and other devices were seen as luxuries, nowadays, more than 50% of consumers consider such features to be major selling points. And while incorporating smart home technology into a multifamily property can help you attract tenants, it can also save considerable money by lowering your building’s electric bills. Other benefits of installing smart technology into a multifamily living space are as follows.
It Makes Tenants Feel Safer
Safety is key when it comes to finding a place to live, and smart locks and similar access controls go a long way as far as helping tenants feel safe and secure. Smart locks also give staff members the ability to control access from anywhere, helping eliminate issues associated with renters losing their keys or locking themselves out.
It Lets You Regulate Temperatures Remotely
Smart thermostats and similar technologies provide convenient ways to remotely regulate temperatures, resulting in significant savings on heating and cooling expenses. Additionally, these innovations empower residents to have control over their environment, regardless of whether they are at home or not.
It Improves The Resident Experience
Smart home technology also has the potential to improve the overall tenant experience. Certain smart features, such as property-wide Wi-Fi, are major draws for renters. They also make it easier for property managers or landlords to keep all other smart features in sync. The incorporation of mobile access control systems also simplifies tenants’ lives by allowing them to use cellphones to access restricted areas, rather than keys or access fobs.
It Helps Retain Renters
Finally, incorporating smart home technology into your multifamily property makes tenants more inclined to stay. The higher your retention rate, the less money you lose to turnover.
For many renters, smart home technology has become an expectation, rather than an exception. By incorporating smart technology into your apartment or condo building, you can boost security, cut operational costs, and attract and retain quality tenants willing to pay a premium for the simplified lifestyle smart technology provides.
CONTACT WHEELHOUSE
We’d Love To Hear From You!
START THE CONVERSATION TODAY
