Smart-home technology has been a hot topic of conversation for the past few years. However, justifying the spend on smart-home systems and solutions—whether to retrofit or implement in a new development—has been a challenge. That justification gets a little easier when one considers that property managers who implement smart-home systems could significantly increase rent and/or amenity fees while generating a high net operating income (NOI). They can also reduce utility costs for vacant units by nearly 75 percent, while decreasing the time spent on maintenance tasks by up to 50 percent. Suddenly, it looks like smart home does pencil out.
A smart home as a service model with centralized control for multifamily properties proves there’s more money to be earned with features and experiences residents are willing to pay for—helping multifamily and apartment owners and operators generate as much as $35 in additional NOI per unit/per month.
The validity of this new model, such as that offered from Vivint Smart Home for Multifamily, has been proven via 1.5 million single-family-home and 100+ multifamily-property installations.
In this type of model, each multifamily package is individualized per property down to each apartment home, which can include smart locks, smart thermostats, smart lights, leak detectors, doorbell cameras and touch-screen control hubs. The supplier partner’s own employed team installs full buildings at once or individual units at a rate of 60-90 minutes per apartment home—all utilizing enterprise-equipment that makes each system private and separate from other systems.
In addition to the latest product technology, a comprehensive smart-home program should make cyber security its top priority. It also needs to be designed to ensure each system and property is as secure as possible. The most secure cybersecurity platforms are built with expert insights from—and constantly being tested by—a dedicated team of white-hat hackers. This team continually tests for vulnerabilities and proactively addresses any potential threats.
Packages like this one offered by Vivint Smart Home for Multifamily show that there are plenty of benefits to pass along to residents through smart-home technology—and plenty of rewards for the property to reap as well.