SMART technology selection: what do renters want?
"Smart" technology is quickly gaining popularity as part of the "On-Demand" lifestyle, and as a preferred feature when residents are weighing rental housing options. Recently, the National Multifamily Housing Council (NMHC) and Kingsley and Associates released a 2020 survey of resident preference results, in which 70% of renters surveyed indicated a preference to see "smart" tech that saves money and increases their ability to control their homes remotely. With the rapid change of technology, decision overload can easily confuse investment strategy decision making when weighing in on what features to add to current rental investments. But are these innovative additions sound investments to generate income and or reduce expenses, or are they just necessary to keep up with the competition?
Top 3 "smart" features
Data from the 2020 Resident Preferences Report supports the adoption of “smart” home features in multifamily housing, and the top 3 features residents want are “smart” thermostats, “smart” lighting, and “smart” locks. 70% of respondents indicated they want to see at least one of the 3 features present in their new homes, and 5% even report it as a requirement. Buyers Access has partnered with industry specific suppliers who specialize in “smart” home upgrades and have numerous offerings and solutions available. But first, let's look at the 3 top categories revealed by renters starting with number 1 contender, “smart” thermostats.
The most desired "smart" home feature and ranked number one by residents is the "smart" thermostat. The increased visibility and control residents gain through this innovative solution allows them to control and adjust temperatures on demand and remotely. Money-saving benefits associated thermostatwith "smart" tech features is a primary reason why residents ranked it number one on their list.
Smart lighting ranked second by residents in the 2020 report in desirability, and has many similar features and benefits to the "smart" thermostat. Increased control over lighting on demand and remotely, or even automatically decreases wasted money on electricity. Being able to control lighting remotely can offer increased peace of mind when it comes to electricity bills resulting from forgetting to turn off the lights. Another benefit is the deterrence of crime. Adjusting lighting at any time from anywhere makes it look someone is present in the house when it is unoccupied. That extra peace of mind these two benefits can bring can be compelling with some people.
Smart Access Control
Ranked number three, "smart" locks, are continuing to gain traction and increasing in demand to residents and property management teams. Smart locks compliment "on-demand" services and eliminate the need for property management teams to validate entry permissions, potentially removing liability if guests or vendors need access when a resident is away. Property management team can change locks remotely, grant access to vendors, and aid in resident lockouts through the ability to lock, unlock and change access programming on demand and remotely. Common area controlled access through smart lock features also save landlords time and money by eliminating physical requirements to complete the task, and also track usage for liability purposes.
Buyers Access is Smart, and ahead of the curve
RemoteLock– cloud-based access control
One of the newest supplier partners to join Buyers Access offers a high caliber, seamless smart home technology for access controls. Remotelock specializes in cloud-based access point technology crafted explicitly around the needs of residential, business, and commercial properties. This technology solves many of the most significant access management and scheduling issues that property management faces daily. The RemoteLock solution is cloud-based and can be controlled from anywhere, eliminating dependence on a server or hardware that demands presence on-site.
SmartRent – advanced smart tech operating solutions
SmartRent, another new Buyers Access supplier partner, creates multifamily technology solutions that provide property owners and managers a platform to better monitor and protect assets and create operational efficiencies, all while driving ancillary income. Some of the SmartRent technology options include vacant unit management, advanced leak detection, vendor access, common area, and building access, and predictive maintenance reports. In addition, residents of SmartRent communities can use the mobile app to control their smart home devices (thermostat, keyless credentials, lights) from anywhere. SmartRent will help develop a customizable plan that fits the level you are looking to invest in smart building operations.
Get smart with us
Both Buyers Access partners undoubtedly offer a robust amount of options to meet the Smart Home Tech results shown in the preferences survey. Contact your Buyers Access account manager or sales team for more information on SmartRent and RemoteLock.