How Smart Community Technology Elevates Renting Above Homeownership
Dwelo CEO, Mike Rovito, and Alliance Residential Innovation Team Lead, Taylor Wiederkehr, teamed up to present the benefits of smart home technology in apartment communities as part of the NAA Apartmentalize Learning Zone Sessions.
This session began with Rovito and Wiederkehr discussing the challenges of implementing smart home technology in the multifamily industry. For example, introducing multiple stakeholders -- like owners, managers, and residents -- can be tricky because each stakeholder has different wants and needs.
Rovito and Wiederkehr explained the importance of implementing three facets of the smart community: Smart Home, Smart Access, and Smart Utilities as a way to meet these challenges. Actualizing each category provides residents a simple, seamless living experience, managers an increased operational efficiency, and owners an increased net operating income.
A Lesson from Alliance Residential in Smart Home Technology
To test the benefits of smart home technology in communities, Wiederkehr and Alliance implemented seven pilot programs across their portfolio. During the learning session, Wiederkehr explained the process by which Alliance tested each provider of smart home technology and how they decided to roll out smart home technology to their portfolio.
Here is a quick overview of the results Alliance Residential saw while piloting smart home technology:
- Average Smart Unit Occupancy Rate: 92%
- Average Rental Premium Increase: $30-$75 per unit/per month
- Total Revenue Generated to Date: $2.6 Million in additional revenue since implementation in late 2015
- Total Associate Hours Saved: 3,150 since implementation in late 2015
- Total Utility Savings: $325,000 on vacant unit utility bills since implementation in late 2015
Read more results from the Alliance Residential and Dwelo partnership here!