When thinking about the biggest opportunities for technology in the multifamily space, it's smart apartments. From mobile access, to temperature controls, to integrations with smart hubs (Alexa, Google Home, Apple Home), we are in the early innings of this massive opportunity. Smart apartments are marketed as a way to increase resident delight, but the value extends way past added convenience. Smart apartments can have a significant positive impact on the operations of a building, and most importantly on NOI (and not just from higher rents).
When an apartment is vacant it can be difficult to recognize issues that are taking place within the unit. For example, a leaky pipe can go days or weeks without anyone noticing, until water makes its way into the apartment below creating costly damage. It is also common that heat or AC are left set to levels unnecessary for a vacant apartment, which wastes energy and ultimately costs the owner money. When technology integrates the property management software, access control solution, smart thermostats, and leak sensors, the moment a resident vacates their unit, the temperature can automatically be adjusted, the lights turned off, and the management team can be notified at the first sign of a leak. Even the leasing process can be streamlined with technology by activating self-guided tours so that interested parties can visit apartments at their convenience without the need for building management to be present. Doormen can be replaced by video intercoms, and security guards reduced with AI-powered remote video guarding. Additionally, parking garages can be equipped with EV changing stations and automatized parking solutions.
Read the full article by Glenn Felson and learn more about how Engrain creates opportunities with data-driven asset management.