It’s often talked about what homeowners want in smart home technology – but what about those people residing in multifamily units?
A recent Xfinity Communities survey, which included property managers, multifamily home developers and residents, found that more and more properties are giving residents smart home options in their units. For example, 77% of respondents said that they have or plan to have smart locks, while 75% have or plan to have smart thermostats and 71% have or plan to have smart lighting. Smart washers and dryers, water leak detectors and smart home energy use technology are also becoming increasingly common in these properties. The implementation of smart home technology is saving both residents and property owners money and keeping them happy, said 78% and also attracting new residents as well, said 84%.
“For residents, smart technologies offer an obvious upside, from the peace of mind that comes with smart locks to the possible cost savings of smart thermostats and lighting, as well as the increased convenience stemming from devices like smart washers and dryers,” said Vice President of Strategic Initiatives at Xfinity Communities Adrian Adriano. “Sometimes overlooked, however, are the benefits to the organizations implementing these technologies. 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.”
Upgrading to smart home technology is a no-brainer for most, as nearly three-quarters believe that smart home technology is going to be the norm soon enough, and 73% said it’s environmentally better. Seven in ten respondents said that smart home technology helps the property owner or manager better do their job as well. So far, the most common smart home technologies that have been fully completed on multifamily properties are lighting, safety and security features and energy systems.
Naturally, there are some drawbacks, as 47% of the respondents reported concern about high maintenance costs, 46% said the same about the initial costs and 31% are worried about the reliability of technology.