The Benefits of Retrofitting Apartment Buildings with an IoT Solution
Retrofitting apartment buildings with IoT solutions could help take your property to the next level. Learn the benefits of an IoT retrofit for apartments here.
As the real estate industry continues to grow, property managers and owners are consistently seeking new, innovative ways to appeal to the next generation of renters. One solution that has seen tremendous growth is smart home automation. This solution, specifically IoT (Internet of Things) technology, has quickly become more of a necessity than an amenity for residents and property staff alike. Let’s chat about why.
What is an IoT Retrofit?
Retrofitting, put simply, is the addition of new technology or features onto older systems. In this case, an IoT retrofit is the process of implementing and updating an existing apartment community with smart technology and devices. This can include smart locks, lights, and thermostats.
Benefits of an IoT Retrofit for Apartment Buildings
Increased Property Value
One of the most notable benefits of an IoT retrofit is the immediate property value increase. With smart home features, property owners can realize ROI by implementing technology fees to the resident’s bills. The 2022 NMHC/Grace Hill Renter Preferences Survey Report found that residents would be willing to pay on average $36 per month for smart locks, $35 per month for smart thermostats, and $33 per month for smart lighting.
Increased Resident Retention
Smart home technology can improve the resident experience, thus resulting in resident retention. By implementing technologies that make their lives easier and more convenient, property owners are sure to see an increase in resident satisfaction, leading to longer lease renewals and reduced turnover.
Retrofit smart locks can increase building security with low battery notifications, customized access for community and building areas, and immediate credentialing and cancellation of lock access right from the property staff’s computer.
With thermostat scheduling, residents and property staff alike can realize great energy efficiencies. With Quext IoT, residents can create different schedules that control thermostat conditions, like turning up the air during work hours on Monday through Friday. Property staff can also reduce energy usage on a larger level by mass automating the temperature conditions in vacant units.
How to get started on a smart home retrofit
Ready to get started? Contact Quext to see how these benefits can impact your community.