How Smart Apartment Technology Cuts Down on Energy Usage and Costs For Vacant Units
3 minute read
No residents in units? No problem.
Vacant units can drive up energy usage and costs.
Real estate professionals see energy optimization as the most promising area of investment in real estate. One energy optimization method for MultiFamily is installing smart thermostats that can be controlled and regulated with technology.
Smart temperature control can cut down on energy usage and costs. As a result, this would increase net operating income (NOI) for Property Managers. This has many benefits, and this post focuses on what this looks like for vacant units.
What do the numbers say?
Unattended vacant units can increase energy cost by 4 to 7 times. Therefore, this is a loss spent on utility expenses per vacant unit of $330 per year for a garden style property and $500 per year for a mid to high rise property.
According to the U.S. Energy Information Administration (EIA), space heating accounted for about 25% of energy usage in commercial buildings. Automating temperature control can yield savings of between 43% and 58% across vacant units.
Property Managers could be worried about how vacant unit smart temperature control could affect the temperature of the apartments that they show to prospective Residents. With a Smart Apartment platform, they could easily adjust the temperature before a visit. Because of this, they would not have to manually enter the apartment. Imagine how time-consuming this could be, especially for larger properties!
Increasing NOI, being kinder to the environment, saving money, and delighting Residents can be brought together. This can happen by installing Smart Apartment technology in new properties or retrofitting older properties.
To learn more about how the STRATIS IoT platform can increase the energy efficiency and NOI of your MultiFamily or Student Housing property, contact our sales team for a free demo here.
STRATIS enables smart apartments and intelligent buildings and is the only platform of its kind built for the complexities of multifamily and student housing. Since launch, STRATIS has installed in 325,000 apartments across the U.S. and more than 18,000 internationally. STRATIS is an Inc. 5000 “Fastest Growing Company in America” and an Entrepreneur 360 “Best Company in America.” To get more information visit: STRATISIoT.com.