Why Smart Apartment Buildings Are A Smart Investment
In today’s highly competitive world of apartment rentals, there is one amenity that will not only give you a significant advantage over other landlords but also save you money and increase your net operating income (NOI). That amenity is smart technology.
We’re not talking about just giving your tenants upscale features like security monitoring or control of home conveniences, such as lighting, climate, entertainment systems and appliances. We’re talking about transforming your entire investment property into a smart building outfitted with smart apartments, smart access, smart Wi-Fi, smart waste, smart energy and smart water. You’ll be able to remotely oversee and manage cloud-based control systems, appliances and more to create a cohesive technological environment for your property.
Smart tenants are expecting (and require) smart technology in their homes
With 25% to 30% of the labor force expected to work from home at least some of the time by the end of 2021, residents are demanding the same high-speed internet connection they enjoy at the office. The need for strong, dependable internet access became even more apparent during the pandemic when office workers were compelled to convert their homes into workspace. As a consequence, landlords are now expected to provide a way for tenants to have strong, dependable internet access.
Imagine, smart technology will enable you to provide a single, managed Wi-Fi system that offers access to each unit in your buildings on a private, secure area network. Smart Wi-Fi can even yield an additional income of $15 to $20 per month per unit.
A smart building empowers residents to control their environment with their smartphones. Until now, programming the thermostat, unlocking the front door and monitoring security cameras on their mobile phones were features enjoyed by single-family homeowners. But now, an apartment owner can offer to their tenants the same smart technology that single-family residents employ.
What a great marketing tool. You’ll be able to advertise that your building’s tenants can control their lights, door locks, thermostats and voice-controlled appliances from their phone, even when they are away from home! At the same time, you will be increasing your revenue and reducing your company’s operating expenses.
It’s the smart thing to do
Smart apartments that integrate amenities, community management and building automation systems into one connected building system are not limited to new construction. Older properties can also be retrofitted with smart apartment connectivity that will transform them into modern buildings. The addition of modern technologies will make them more competitive with new units on the market.
Whether you’re building a new property or retrofitting an existing community, smart technology will give you better control over property operations. With building automation, you can organize lighting, heating, cooling, waste and energy usage, leak detection alerts to reduce energy and water costs by hundreds of dollars per year.
Imagine a touchless building where access control gives you • Mobile Credentialing (smartphone key) • Hard Credentialing (key/fob) • PIN Code Access • Remote Unlocking/Bluetooth • Auto-Unlocking and • Visitor Access. You’ll be able to remotely grant access to visitors, vendors, maintenance and staff and even eliminate the expense of providing keys to new tenants.
Even waste management can be automated in order to reduce trash pick-up costs and contamination problems. Smart technology can actually replace the need for a building engineer by alerting you that boilers, domestic water heaters and HVAC systems require maintenance. And your devices can warn you when energy and water consumption in your building is excessive and help you regulate the pool, irrigation and hot water systems, saving you expensive utility, maintenance, energy and repair costs.
Smart apartments are the future and as more of them enter the marketplace, property owners need to meet the competition with their own home automation systems. Tenants are willing to pay more for the conveniences and security a smart apartment offers. Modern, eco-conscious and technological amenities create revenue opportunities while also increasing retention and interest from potential renters. The investment in such a system will be justified by the increases in your ROI and NOI.