Smart apartment technology (or smart tech) has historically been reserved for the Class A and Class B properties. But, why? Well, there are several reasons ranging from high upfront costs for implementation to the technology amenities being desired by luxury multifamily property residents only.
But that was then, and this is now… Smart apartment technology is becoming more widely adopted and will continue to be in the years to come, specifically within the multifamily industry. Not only is it a value add for the property, but residents have expressed increased desire for these smart tech features and amenities.
Low Barrier to Entry, Lower Cost to Residents
So, how can multifamily technology solutions work for all property types and help close the digital divide? The short answer is: with smart tech purposely built for the multifamily industry.
Years ago, smart apartment technology was primarily implemented in Class A and B properties as a unique luxury amenity. These smart apartment amenities such as smart locks and smart thermostats were typically retrofit solutions that were designed for single-family properties. With that came high costs for the property managers to install these features, and high technology fees for the residents.
Companies like Quext are changing the game by bringing smart tech products to market that were designed and developed specially for multifamily properties. These advancements bring with them a lower barrier to entry; Now Class C properties can afford smart apartment technology and deliver these amenities to their residents. Take Quext IoT for example, this solution is the first of its kind to not require a smart hub in each unit which results in a much lower hardware and installation cost. With this low capital investment, smart tech becomes attainable to lower class properties and residents.
The same goes for property wide Wi-Fi as an amenity; gone are the days of residents dealing with internet companies directly and receiving low-speed internet, unreliable coverage, and high monthly costs. Property wide Wi-Fi that is purpose built for multifamily operators delivers greater performance, increased property value, and better coverage for every resident. With Wi-Fi solutions that are designed for multifamily, the property no longer must pay astronomical networking and install costs. This allows lower class properties to afford this type of technology solution and for the residents to pay a low cost for a more reliable solution. Another way purpose-built property wide Wi-Fi is changing the game is how it can aid in closing the digital divide. Residents no longer have to suffer without this amenity due to issues like misinformation, bad credit, or unaffordable prices. Overall, lower capital cost, lower monthly SaaS fees, and lower resident fees are closing the gap and bringing multifamily technology solutions to properties of all classes.
Multifamily Tech Solutions Are The Way of The Future
Our daily lives are getting “smarter”… we have smart doorbells, smart watches, smart phones, smart refrigerators, smart cars, and the list goes on. The internet of things (IoT) and smart tech is no longer an abstract idea, it is the wave of technology that we are currently in. This rings true for the multifamily industry as well. According to the 2020 NMHC apartment resident preference report, which surveys over 370,000 residents, 22% of residents are choosing their apartments based on amenities.
There are many benefits of smart apartment technology for both the residents and the properties alike. For the residents smart tech enhances and assists their entire resident lifecycle from leasing an apartment to renewing a lease. Technological advances such as virtual leasing assistants, or digital humans, allow prospective residents to learn about, virtually tour, or schedule in-person tours all on their own time and at their own convenience. The Quext Digital Human AI chatbot, named Mia, also offers the conversation in Spanish, giving non-English speaking renters the opportunity to communicate with her.
Once prospective renters become residents, IoT smart apartment technology such as smart locks and smart thermostats enhances their way of living. Some benefits of these multifamily technology solutions include increased security, remote access to smart devices, and energy-savings. In the residents day-to-day life, property wide Wi-Fi may be one of the most used and desired tech amenities an apartment can offer. Property wide Wi-Fi allows the resident secure and reliable access to the network anywhere while on the property’s premise and delivers high-speed internet at a much lower cost. Given that a growing majority of residents rely on the internet to not only work remotely, but also to stream, connect with friends & family and access services, this amenity is invaluable.
In addition to the benefit smart apartment technology provides the residents, the property and it’s staff also gain from investing in this smart tech. First and foremost, multifamily apartment tech increases the property’s value. It also has shown to increase resident retention and helps attract new residents. Smart technology also improves daily operational efficiency while providing real data insights for property owners and managers to learn from and perform better.
All Residents Deserve Great Amenities – Closing the Digital Divide
At Quext we talk a lot about our passion for closing the digital divide, and we really mean it. Our mission is to build better communities through technology solutions. From IoT thermostats to virtual leasing agents, Quext makes it easy to get the technology you need to take your multifamily properties to the next level. If you are interested in learning more about our smart tech products or how you can get them in your property, contact us today!