22 Feb Smart Multifamily
Smart home technology is growing in popularity every day. Builders are including smart tech in their new construction plans while current home owners are making tech-based renovations. Unfortunately for renters, apartments don’t allow for the same level of design flexibility as home ownership. If renters want smart home features, they often have to rely on property managers to make the upgrades. Luckily, multifamily is catching on to the smart home trend and renters may start to see these new features in the near future.
Frequent rent increases have plagued the multifamily market for years. A large part of the issue is that renters are often required to pay more for housing without any significant difference in quality of life, service, or amenities. This drives out renters who can afford to buy elsewhere and makes disgruntled tenants out of those who have to stay put. Some property owners are adding new amenities and services to their communities to appease current residents, attract prospects, and justify cost increases. Pet parks, business centers, and gyms have become staples of “luxury” multifamily communities and the integration of smart home tech features may not be far behind.
Smart home tech is everywhere. From your watch, you can control your oven, your lights, and even your front door. For many renters, that level of convenience is worth an increase in cost of living. Companies like Amazon and Google are leading the production of new apps and devices that let you manage your life from anywhere, at any time.
While some multifamily developers will fall behind on recognizing the future of tenant demands, savvy owners will realize smart home features are set to become a must-have interior amenity. By steadily integrating smart home features into multifamily homes, developers have a chance to set themselves apart from the competition.