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May 3, 2022
DALLAS – Parks Associates' new whitepaper, Doing IoT Right: Top Practices for Multi-Dwelling Units, reports that almost two-thirds of prospective multi-dwelling unit (MDU) residents report that pre-installation of smart home devices is an important factor when selecting a new home. Currently, 34% of MDU property managers offer internet-connected or smart home devices to residents in at least one property they manage.
The whitepaper, developed in partnership with Cox Communities, a leading provider of internet and property management automation, addresses emerging smart apartment trends across the United States and lays out a roadmap for MDUs to evaluate these solutions. Parks Associates defines “smart apartments” as MDUs that include IoT technology in residential units and across the property. They include a variety of smart amenities and features aimed at residents, staff, and owners.
Parks Associates research of MDU owners and property managers reveals smart MDUs are growing in popularity:
57% of MDU managers report having a lighting control system in their largest property, 26% have an energy management/monitoring system, and 13% have a smart home device or IoT platform/hub.
44% of properties with energy management systems incorporate internet-connected devices such as smart thermostats and smart lighting into the system for remote monitoring and control.
MDUs have many opportunities in deploying smart apartment technology, but they may underestimate the benefits of these solutions. The use of smart apartment solutions in residential units is a worthwhile investment—it helps to attract desirable tenants and allows MDUs to raise rates and increase ARPU. Over half of MDU renters are willing to pay 15% higher rates for apartments with smart capabilities and amenities.
To download Doing IoT Right: Top Practices for Multi-Dwelling Units, visit https://www.parksassociates.com/whitepapers/mdu-may2022.
Read the full press release here.
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