As property owners look to lure new residents, they seek ways to stand out with high-speed broadband and smart home services like keyless entry.
New multifamily research from Parks Associates revealed a significant boost in multifamily resident satisfaction when a property provides smart home tech—83% of MDU residents with property-provided smart home devices are satisfied or highly satisfied with their apartment or condo.
The research firm added that 66% of those without these devices report the same level of satisfaction.
“New apartment construction is at historic highs, putting downward pressure on rents,” said Jennifer Kent, VP of Research for Parks Associates. “Smart amenities, including connectivity and smart home solutions, can help a property compete and succeed.”
During its research webinar “Investing in Smart Tech: Practical Guidance for Properties,” in partnership with Cox Communities, Parks looked at the impact of smart home tech on rental value among multifamily properties and how MDU owners and managers can leverage these offerings to attract high-income residents, improve satisfaction, and add new revenues. The event also addressed real-world experiences to provide best practices in deploying these solutions.
The webinar included findings from the recent white paper “Smart Living: Elevating the Resident Experience.” Parks Associates found that broadband connectivity and automated technologies are in high demand among MDU residents, and once deployed; these solutions are popular with residents. The research firm found that 80% of those with property-provided smart home devices and services are satisfied with these services.