Survey: More multifamily housing needs smart technology

Mortgage & Real Estate

A new survey from Xfinity Communities says that integration of smart technology into multifamily housing is quickly becoming a necessity.

With this integration, there is potential to be environmentally responsible and can improve profitability, the report says.

The report surveyed 200 property managers, developers and owners in the multifamily industry about their views on the use of smart technology in their properties.

And the results of the survey showed that most of the respondents have either already installed several different smart home technologies or are planning to.

According to the State of Smart Technology in the Multifamily Housing Industry survey, a majority of the respondents indicated they have fully adopted, are still implementing, or have made the decision to adopt a number of these technologies, including:

Smart locks (77%)Smart thermostats (75%)Smart lighting (71%)Smart washers & dryers (66%)Water leak detectors (70%)Smart home energy use (69%)

The upgrades are working too, because residents are apparently quite happy with them.

According to the survey, when asked how important the adoption of the latest technologies is to resident satisfaction, 78% of the respondents said that they believe adoption of the latest technologies keeps current residents satisfied, while 84% said it helps them attract new residents.

This year, many major companies have invested in smart technologies for multifamily housing, citing an excellent opportunity for growth. Last month, even Amazon invested in a major smart apartment platform.

Adrian Adriano, vice president of strategic initiatives at Xfinity Communities, said that the addition of smart technology in multifamily housing offers overall peace of mind and cost of savings.

“Sometimes overlooked, however, are the benefits to the organizations implementing these technologies,” Adriano said in a release. “They’re able to remotely monitor various building infrastructures, such as water and energy systems, realize long-term savings from the efficiencies gained, and are empowered to promote themselves to residents willing to pay a premium for the latest technology.”

However, much like going all-digital in the mortgage industry, the survey found that a lot of respondents think there are downsides to going smart.

High maintenance costs were a worry for 47% of the respondents, while 46% said initial costs were also concerning.

Nearly a third said getting their staff acquainted to the technology was an issue, while 35% said it would be a significant factor to consider when hiring.
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