Smart is Smarter – Why it Might be Time to Make Your Multifamily Property a Smart Building

Apartment communities might just outsmart your phone—the future isn’t on the horizon, it’s at your doorstep.

The rise of artificial intelligence and automation technology is not confined merely to industries and workspaces. It has seamlessly found its way into our homes, evolving into what the multifamily industry calls “smart apartments.” With commercial facilities already leveraging building automation systems to lower energy costs, synchronize fire protection and HVAC systems during emergencies, and more, it prompts an important question: Should all multifamily follow suit?

Unpacking the Future: What Really is a “Smart Apartment”?

A smart apartment isn’t merely a lavish residence adorned with upscale features and amenities. Picture a property intuitively woven into the digital world, anticipating residents’ needs before they recognize them themselves.

Interconnected smart living connects devices, building systems, residents, and management, and it supports community management for a more convenient living experience. Whether building a new property or retrofitting an existing one, transitioning into a smart space isn’t necessarily an expensive endeavor. A robust Wi-Fi connection is all you need to set the ball rolling. 

Start by introducing Internet of Things (IoT) devices such as smart thermostats, smart lights, and smart locks. Over time, you can expand into more advanced building automation solutions.

Smart Savings in Surprising Places – The Untapped Potential of Smart Apartments

Topping the extensive list of smart apartment benefits is the potential for significant energy conservation and its consequential financial savings. Here’s a jaw-dropping stat: In the US, property owners shell out a whopping $11 billion on utilities every year. Dive a bit deeper, and the case for smart homes becomes even stronger. A recent study in collaboration with Level unveiled a surprising revelation: Empty units sometimes guzzle more energy than lived-in ones! Integrating smart tech is essential, not just for elevating living standards but for boosting operational efficiency and realizing genuine cost savings.

• Energy cost savings: Smart thermostats learn occupancy routines and offer remote customization, leading to notable energy savings. Plus, intelligent lighting can slash electricity costs by around 30% using automated controls in unused spaces and communal areas.
• Home management from afar: Residents experience the convenience of letting in a house cleaner or dog walker even from miles away.
• Fortified security: Say goodbye to the vulnerabilities of traditional keys. With smart access systems, only authorized individuals can enter community common areas, ramping up the security factor.
• Streamlined property management: Smart technology translates to hands-off property management. A recent case study shares a 367-unit Florida’s smart locks installation project resulted in an impressive yearly saving of 552 hours and almost $3,000 in key management expenses.
• Swift emergency response: By merging fire protection with building automation, emergency responses get a major upgrade. Imagine a fire alarm that can instantly halt HVAC systems, minimizing fire and smoke propagation.
• Data-driven insights for enhanced living: The constant stream of data from smart devices can be analyzed for insights, enabling better decision-making and highlighting areas for improvement and cost savings.

The Smart Shift in Property Management

As the horizons of the Internet of Things (IoT) broaden, cutting-edge smart devices are stepping onto the scene. Consider devices that can detect a water leak at its infancy or pinpoint system glitches before they even surface. Riding alongside this tech wave, Artificial Intelligence (AI) and Machine Learning (ML) are set to redefine the realm of property management. These advanced systems can proactively adapt to various scenarios, ensuring energy efficiency and cost savings with minimal human intervention.

Did you know? Over 75% of Gen Z  renters opt for a smart living environment. As the new wave of renters enter the market, understanding their preferences and habits is important for property managers. They bring a set of unique characteristics that sets them apart from previous generations, like a digital-first lifestyle and prioritization of connectivity and  digital options.

Thinking of navigating the smart apartment revolution? Let Conservice do what it’s been doing for 20 years. Our rich utility data, harmonized with insights from your tech-savvy apartment, offers unparalleled vision. With metrics spanning 300,000+ properties nationwide, you gauge performance against an expansive benchmark, whether local, regional, or across the states.

Ready to future-proof your property? Let Conservice guide your journey. Connect with us to explore more.

Lauren Bevilacqua

Lauren is the Content Marketing Manager at Conservice. She is an avid reader, fitness enthusiast, Dolly Parton fan, and will never turn down chips and salsa.