The National Apartment Association (NAA) has uncovered strong growth potential for smart home technology in the multifamily sector, based on a survey of property owners/managers and multifamily residents on behalf of Maintenance Supply Headquarters (MSH).
According to the NAA’s recent Technology in Apartment Living report, 60% of property owners reported using smart home technology to attract and retain residents. About 58% of residents said they consider smart home tech beneficial, and 84% of residents without smart home tech said they would like to see smart features in their communities. Some residents are willing to pay more—some up to $35—for smart home technology features.
“The rental housing industry is just now beginning to test the waters with smart home technology,” says Robert Pinnegar, CAE, president and CEO of the NAA. “They’re starting with basic features, like smart thermostats, locks, lighting, and online payments. As the technology becomes more common, we anticipate owners and operators will increasingly embrace smart home technology as a way to better serve their residents.”
Resident respondents said they are most interested in smart thermostats and security cameras, though smart lighting and door locks are among the highest-rated choices. More than 30% of residents are interested in robot vacuums, and some are willing to pay up to $10 a month for the service.
Sixty-one percent of respondents with existing smart home features described their engagement with the features as “medium to high,” and two-thirds said they are comfortable with the technology. Those who are not comfortable listed privacy as their No. 1 concern, followed by cost and learning curve.
“Smart home technology is a clear trend in the rental housing industry, but to what extent is the question,” says Cary Wright, MSH senior vice president of sales. “This survey gives both property owners/managers and supplier partners information they can use to continue making smart decisions as the industry takes on the smart home.”
Click here to read the full report.
