Generally speaking, the multifamily housing industry isn’t synonymous with cutting-edge technology; however, smart home technology is taking center stage for today’s property owners because of its ability to improve operational efficiencies and provide a better living experience for renters.
Technology-oriented amenities are rapidly spreading across the apartment industry, bringing a new level of resident and community interaction and revolutionizing resident connection to home and beyond. According to the 2017 NMHC/Kingsley Renter Preferences Report that surveyed 250,000 apartment residents, nearly one-third of those polled own between five and nine internet-connected devices. Apartment communities have taken notice, and are discovering it pays to integrate smart devices into units, as the study also found renters are willing to pay $30 more a month for certain smart devices.
With recent strategic partnerships, including our collaboration with S2 Capital and Amazon (which will deploy these capabilities at 30,000 apartment units over the next three years), more and more buildings and renters will be able to take advantage of the power of smart home technology.
“We are committed to seeking out best-in-class technologies that help us continue to improve apartment living experience for everyone, and not just high-end renters,” said Scott Everett, founder and CEO of S2 Capital. “We realize the value of smart home technology for helping make units more attractive to prospective residents, while improving operational efficiencies for property owners and as such, want to bring this technology to the masses.”
This partnership is especially significant because it is finally bringing next-generation home technology to the mass market. S2 Capital, the fastest growing real estate company in the U.S., focuses exclusively on workforce housing. As a result, these powerful apartment amenities are no longer limited to new construction and luxury living.
Multifamily owners are now realizing smart home technology is one of the easiest yet significant differentiators a property can offer across all price points. With the utilization of smart home devices and powerful new engagement platforms, all apartments can now affordably provide an in-demand amenity that drastically upgrades the resident experience and positions a property to reflect the digital age.
To stand out to modern renters, luxury or not, apartments need to provide more than just space. Increasingly renters are making their purchase decisions based on the technology that comes with the space. Landlords need to adjust their offerings accordingly.