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Why Smart Buildings Pay Off

Technology on apartment operation impacts

Digested from Property Management Insider

While smart technologies may not bring increased rents, they can offer many other benefits to apartment operators.

There is no consensus on whether residents will pay for smart-home features. But even if renters will not open their checkbooks for high-tech thermostats, smart features can pay off, according to Property Management Insider’s Nadine Evans.

With the real-time data that connected buildings provide, property managers can gather actionable insights into electricity, natural gas and water usage.

“Property managers can now monitor and understand utility consumption as it occurs, gaining insights to identify opportunities to improve efficiency and reduce waste,” Evans writes. “Many automation technologies take this approach to data a step further, providing the ability to act on insights with preventative maintenance, further providing management with the tools to develop and maintain operational efficiencies.”

These technologies can also help managers discover potential trouble spots and take care of them before they become a bigger problem, such as a water leak that could eventually cause damage in multiple apartments.

Smart-home technologies could also improve resident satisfaction and, by extension, retention.

“One main complaint fielded by tenants often stems from the air temperature inside of their individual units,” Evans writes. “With smart technologies, tenants can have more control over the heat and AC in their units than ever before, considerably reducing the frequency of temperature-related complaints to management.”

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