Prospective MDU residents say smart home devices important in selecting a home

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:

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.

Parks Associates