A dominant trend in the building in Multifamily Units and smart buildings is heightened awareness and interest in smart technology systems that provide increased operational efficiency and reduce risk.
The benefits of smart devices are substantial for property managers, building owners, and residents.
As a result, the smart home market is projected to reach $137 billion by 2023, and while most of this growth has been viewed in single-family homes, the Multi-Dwelling Unit and Smart Building markets are taking off.
IoT automation has mostly been implemented in two key areas -increasing operational efficiency and reducing risk. Happier tenants are also a byproduct of smart technology installs in Multifamily and smart buildings.
Here are the 5 connected devices increasing operational efficiency and reduce risk in smart buildings and multifamily units. If you prefer to talk to a person about your business needs, click the button below or follow this link to schedule a half-hour discovery call.
Multi-unit buildings (MDUs) consume incredibly high amounts of energy, accounting for 40% of total national consumption in the U.S., mostly due to heating and cooling.
Factoring in sustainability is both an exercise in minimizing the building’s carbon footprint but also an excellent method for reducing the considerable costs that come with tenant energy usage.
Installing connected thermostats is one way to reduce costs. With connected sub-metering technology, buildings can analyze tenant energy usage data for unit-to-unit-based reporting and lower and increase temperatures as required.
leak detectors and smart water sub-metering equipment include automatic and remote water shutoff features, providing both tenants and property management with the ability to turn off the unit’s water supply in the event of leaks. This reduces the possibility of water waste and consequential water damage.
Installing state-of-the-art, new HVAC technologies that can report real-time insights and data will reduce costs by enabling more informed management of buildings. Sensor technology can monitor energy activity and make sure that cooling and heating functions are directed appropriately, therefore decreasing the building’s energy usage.
Connected devices are armed with real-time data with insights into natural gas, electricity, water usage, and more. This data gives property managers the ability to monitor utility consumption in real-time, which allows them to spot opportunities to reduce waste and improve energy efficiency.
Some automated devices take this approach even further by providing preventative maintenance beyond initial insights. This gives property managers the tools to maintain and develop more efficient operational plans from a broad standpoint.
The list of potential risks an MDU faces is long—including mechanical failure, unit equipment malfunctions, tenant activity, and more. These risks are incredibly high stakes, with the potential to put residents' lives and property integrity in jeopardy.
Water damage is the most common cause of property damage by far, with a single incident having the potential to displace tenants and cause thousands or even millions in damages. Smart home technology can stop water damage before it happens with sensors that shut off valves when leaks are detected or even can shut off the entire water supply if necessary and then notify you of the issue. Devices such as Sentinel Leak Defense System and sensors from Eddy Technologies offer these protective smart technologies.
Keeping residents happy is of utmost importance. However, it can be a difficult thing to pull off. Dealing with tenant complaints is a daily task, and smart home technology can help allay those issues.
One of the more frequent tenant complaints is about the temperature of their unit. With smart thermostats, tenants can have personal control over the AC and heat in their units, considerably reducing this type of complaint. Tenants will also be better protected overall - water sensors and security systems can help keep them safer.
With electric blinds, energy savings are achieved when blinds can be closed remotely. The guest experience can be improved. At night, blinds can be closed to ensure increased energy savings and/or closed by tenants when they are out and about.
Implementing smart home tech in MDUs increases Net Operating Income (NOI) in three major ways: Increasing operational efficiency, reducing and mitigating risk, and creating a higher building valuation.
Costs are cut daily through decreased energy use. The risk of major damage is reduced through sensor technologies such as leak detectors and smarter access control.
Smart buildings can end up having an increased valuation when compared to non-smart buildings, making it an investment decision as well. High-tech smart technology with superior functions can help you leverage your MDU, giving you a leg up on attracting prospective renters.
Smart technology gives management more control over their properties and leaves them with lower bills due to increased operational efficiencies, resource management, and improved preventative tools.
Tenants will receive better living experiences and customer service because issues can be resolved quickly with simple device changes. As the demand for smart tech in MDUs grows, residents will look for a building that pulls out all the stops to give them the best living experience possible.
If you are interested in testing the Yonomi Platform with your Schlage Encode lock, visit the Yonomi Developer Portal.
Alternatively, if you want to speak to our technical sales team, please schedule a meeting directly. We'd love to support you on your smart home automation journey.
Check out our other posts on Schlage Smart Locks and the best devices for vacation rentals and multifamily:
Schlage Keyless Entry for Vacation Rental Properties
How to integrate a Schlage Encode Smart Lock
Best Smart Devices for Vacation Rentals
4 Smart Devices for Vacation Rental and Multifamily to Improve NOI