Smart Building Upgrades: A Growing Trend Among Multifamily Property Owners
Smart Building Upgrades: A Growing Trend Among Multifamily Property Owners
In a recent study conducted by Parks Associates, it was revealed that a significant 72% of multifamily property owners and operators are planning to upgrade their existing smart building solutions, particularly focusing on access control systems. This trend comes amidst the backdrop of the ISC West conference, where insights into modernizing multifamily housing were highlighted.
Importance of Retrofitting Access Control
As the demand for smart building solutions grows, operators are increasingly looking to retrofit existing properties rather than solely relying on new constructions. Kristen Hanich, the Director of Research at Parks Associates, emphasized that while new constructions remain important, retrofitting access control solutions is becoming a vital strategy. According to Hanich, "Retrofitting, especially access solutions, is gaining momentum in multifamily housing."
Many property owners are seeking affordable yet effective ways to enhance their buildings' appeal. The upgrades not only improve security but also streamline operations. As Jeff Sandoval, Director of Marketing for Kwikset Electronics, stated, "Smart locks provide a seamless way to enhance security and streamline operations without major renovations."
Factors Driving the Trend
Several factors contribute to this growing trend among multifamily property operators:
- - Value Recognition: Investors are recognizing the significant value that proptech and smart building solutions bring to improving operational efficiencies and reducing costs, which ultimately attracts and retains residents.
- - Competition With New Inventory: With a surge in new multifamily properties being built, older buildings are under pressure to enhance their offerings to remain competitive.
- - Justifying Rent Increases: Operators are looking to justify rent increases by improving the living conditions and services available to residents, thereby enhancing the overall value proposition.
Benefits of Smart Building Investments
Investing in smart building technologies has been shown to improve property longevity and increase asset value. Reports indicate that property operators have seen substantial benefits in cash flow as a result of deploying smart building solutions. Parks Associates' study, "Smart Properties: The Value of IoT for MDUs," noted average savings ranging between 15-20% across key performance metrics.
Future Perspectives
Looking ahead, the trend of retrofitting in the multifamily housing market is expected to continue even as new constructions increase. The investments made in smart buildings, when executed correctly, can yield significant returns over the years. Hanich noted, "Retrofitting will continue to be highly impactful for many companies even after new construction activity picks up speed."
With growing awareness and the pressing need for secure, efficient property management solutions, the future of multifamily housing is leaning towards modernization through technologically-advanced solutions. The stakes are high as property owners navigate the evolving landscape of smart technologies and seek to future-proof their investments.
In conclusion, as multifamily owners embrace the latest proptech advancements, solutions that enhance security, boost operational efficiencies, and provide a better resident experience are poised to dominate the market. This paradigm shift not only represents a step towards modernized housing but also reflects a broader transition into the future powered by technology.
Topics Consumer Technology）
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