As a rental housing professional, you’ve probably heard the term Smart Apartment by now. The concept earned an entire segment at the strategy sessions at this year’s National Multifamily Housing Council Annual Meeting. And the National Apartment Association ran an article this January touting the smart home as a top technology priority in 2018. Owners have, for awhile now, leveraged smart technology to manage rentals more efficiently. What is novel about this recent push around Smart Apartments is that it is primarily driven by resident interest and is signaling a new era of tech-enabled amenities.
Simplified Home Automation for Apartments
As you look to implement smart home technology into your communities, here is a breakdown of what a Dwelo Smart Home looks like.
Dwelo Smart Home for Residents
Residents value Smart Apartments for a number of reasons. First, residents value the security and peace of mind offered by smart homes. Connected locks provide the ability to lock the door remotely, see who is coming and going, and ensure that the people who should be able to get in such as visitors and vendors can do so with ease. Finally, smart locks provide redundant forms of entry beyond a simple keyed lock, which has led to a 40% reduction in lockouts according to a survey of 50 managers at our communities.
Smart homes also provide the ability to manage comfort while minimizing utility costs. Nest claims that owners see on average a 10-15% drop in utility costs across both their heating and cooling bills. Perhaps equally as valuable to some: the ability to ensure comfort by having the air conditioning or heating running before they come home or roll out of bed.
In that same vein, convenience is another major driver. While lights and outlets might not pack quite the same energy-saving punch (though they do save at the margins), they can provide a more satisfying and exciting response to remote commands. Residents are able to move about the house verbalizing light on and off commands and watch the space respond to their whims. Lights are the most used technology device in the entire house, providing a frequent point of engagement for residents with their Smart Apartment.
With Dwelo Smart Home
Residents get a dead simple smart home experience that managers can easily administer.
New residents are up and running in under a minute.
Residents can control access, climate, and lighting from mobile and voice apps.
Residents can bring their own digital assistants like Google Home and Amazon Echo.
Dwelo partners with a variety of device manufactures like Yale, Kwikset, Google and more. View our complete device catalog here.
Dwelo Smart Home for Owners
Smart Apartments create an opportunity for forward-thinking owners to capture premiums and to position their product in the marketplace. A resident survey Dwelo performed puts this in perspective: residents prefer Smart Apartments to gyms and pools and put Smart Apartments on par with updated kitchens. If a unit has these features and its comps don’t, it creates a strong differentiator for an owner’s product. For new construction it seems like a no-brainer; furthermore, our retrofit communities have seen consistent premiums and many have seen enhanced lease rates from putting in these devices on turn. And while this discussion focuses on Smart Apartments as an amenity, if deployed properly, owners can see significant operational savings and risk reduction from these rollouts, as well.
With Dwelo Smart Home
Owners see a 2-3% rent increase.
Owners can focus on amenities that renters actually want.
Owners see enhanced leasing rates.
“Our residents love Dwelo. They get excited that they can manage their apartment from their phone and have the ability to let their guests in from anywhere. We have a lot of residents that travel and they love the away mode so they can save energy while they are on the road” - Hillary Deeds, Community Manager for Brighton Residential.
Technology continues to evolve and disrupt industries; rental housing is no different. With residents living increasingly connected lifestyles and rapidly adopting smart devices, owners need to facilitate their residents choices by employing complimentary technology in the walls of their communities. This creates opportunities and challenges, but owners are increasingly faced with the reality that they now are technology providers, too, now.