Resident expectations are driving the multifamily experience more and more. As more Gen Z renters enter the marketplace, owners and operators must shift to meet what they’re looking for. Gen Z renter expectations are intertwined with technology, so any technology adoption is likely to provide a competitive advantage today and lead to a shift in the industry standard.
Multifamily portfolio owners and operators are starting to embrace smart apartment technology, which provides advantages for more than just residents. This crafts a modern apartment living experience for residents, as well as a modern apartment managing experience for property staff, owners, and operators. Below there are three of those unique advantages:
1. Convenience with access control
Some properties require different credentials for different access points, which is at the very least an inconvenience, and at the worst a security concern.
With smart apartment technology, access control allows property managers and residents to gain credentials for access points across the property including exterior entrances, common areas, and unit locks.
This is especially a hassle with juggling the different stakeholders in an apartment tour. Smart apartment technology brings the possibilities of self-guided tours, which allow a prospective resident to visit an apartment on their own without scheduling a time to meet in person with the leasing agent. Self-guided tours provide the ease of not navigating multiple peoples’ schedules as well as minimizing contact with people for pandemic safety reasons.
This allows property staff to more safely facilitate apartment visits while accommodating both their own and prospective residents’ schedules.
2. Vacant unit utility savings
Vacant units can drive up energy usage and costs. With infrequent visitors in vacant units such as maintenance staff or prospective residents, if they forget to turn off the air conditioning, days can go by before correcting this costly mistake. Smart thermostats can automatically control the optimal temperature so that the property manager doesn’t have to physically monitor each apartment unit. Also, right before a prospective resident sees the unit, the property manager can adjust the thermostat.
Energy optimization with installing smart thermostats can increase net operating income, reduce the harmful impact of inefficient energy use, and delight residents. Read more here about how smart thermostats cut down on vacant unit energy use.
3. Leak sensing
Leaks in apartments can cause a significant amount of damage and loss. Fortunately smart apartment technology can detect slight changes to prevent safety hazards before they happen. Below are some of the benefits:
- Sense leaks, freezes, or excess humidity early to alert property staff before escalating to the point of extensive damages.
- Automatically shut off electronic water valves in case of leaks in the area.
Read more here about how to prevent water related damages with smart apartment technology.
Take a look at the CommunityConnect App video to see how smart apartment technology enables property staff and residents to live the modern apartment experience.
STRATIS®, a RealPage Company, creates smart apartments and intelligent buildings and is the only platform of its kind built for the complexities of multifamily and student housing. STRATIS is installed worldwide across the U.S., in Japan, the UK, EU, and Latin America. STRATIS now serves hospitality, retail, and small to mid-size commercial, as well. STRATIS is an Inc. Magazine “Fastest Growing Company in America” and a Top Ten Entrepreneur Magazine “Best Company in America.” STRATIS was recently acquired by RealPage to enable STRATIS Smart Building, a more connected lifestyle, and unleash hidden yield through new revenue streams.