By Robert Gaulden, director of Allegion multifamily channel strategy
Smart technology can improve the multifamily living experience. A better living experience can lead to premium rents, which in turn impacts your net operating income (NOI). Smart technology also can make managing a property more efficient and cost-effective—again, impacting your bottom line.
Smart apartment technology isn’t something that should be applied thoughtlessly, however. The smart features you install need to add value to the residents’ lives or make your staff’s day-to-day more efficient. In an ideal world, both of those would be true.
For example, smart locks for apartment doors are more convenient than a traditional key, especially if a mobile credential is in use. That’s great for the resident, and possibly something that will make them want to renew their lease next year. It’s also a win for your staff because using electronic locks with mobile credentials means they can show apartments unattended. Not to mention the time and headaches that they will save not having to rekey at move-ins and move-outs. You don't need community Wi-Fi or a smart apartment hub to make this happen. Smart locks for apartment doors still deliver value in offline mode.
When implemented strategically, smart apartments can improve NOI. The infographic below explains how smart apartment technology can lower your operating costs and boost occupancy in your buildings. It also explains how connected technologies and Proptech strengthen the NOI equation.