Smart Properties: The Value of IoT for MDUs

Description

SYNOPSIS:

Multifamily housing is in the midst of transformation, as owners and operators turn to technology to increase operational efficiencies, enable new use cases, attract and retain residents, and increase their revenues. This study examines adoption of IoT and smart apartment technology in multifamily properties. It compares top value propositions for smart apartment and IoT platforms and devices and quantifies the return on investment through operational efficiencies, increased rental rates, and decreased resident turnover. It also examines market dynamics, including trends in new builds versus retrofits.

INFOGRAPHICS

This research provides insight on technology adoption and needs among multifamily property owners and operators, with a specific focus on connectivity, IoT devices, and services. It examines current and upcoming deployments in different contexts, including new builds and retrofits, identifies owners and operators' preferences and priorities, and quantifies market opportunities.

Key questions addressed:

1. How have the drivers and barriers for smart building technologies evolved?
2. What are owners/operators planning for smart building technology investments?
3. What timeline are MDU owners/operators considering?
4. How has the market for bulk internet evolved in the face of changing regulations?
5. What new market opportunities are on the horizon for multifamily?

ANALYST INSIGHT:

"After years of high interest rates negatively impacting financing for new multifamily construction and retrofits, pent-up demand has hit a crescendo. With inflation slowing in the US market, the financing picture is set to change. Multifamily properties are poised to capture these emerging opportunities." - Kristen Hanich, Research Director, Parks Associates.

Survey Methodology and Definitions

Key Terms and Definitions

Executive Summary

Plans on Deploying, Upgrading, or Replacing Technology Within the Next Year
Average Reported Impact of Smart Building Deployments on Key Operating Metrics
Estimated Timeline of Making Purchasing Decisions
Scale of Rollout When Deploying Smart Building Technology Solutions
Reasons for Offering Bulk Internet
Factors Holding Company Back from Deploying Smart Solutions "We're waiting for...."
Important Factors Evaluating Technology Solution Vendors
Connection Method for Intercoms, Buzzers, or Callboxes on Largest Property

Property Technology Adoption

Adoption of Property Technologies at Any Property Owned/Managed
Percentage of Multifamily Properties With Installed Solutions
Number of Solution Providers Across Properties
Challenge Managing Vendors
Impact of Smart Building Vendor Fragmentation on MDUs
Smart Building and Technology Fragmentation Management
Systems Integrated into Smart Building Platform/Aggregator
Brand of Smart Building Platform Used
Brand of Real Estate or Property Management System Used

Resident Amenities

Types of Amenities Offered to Residents
Devices Included in Smart Apartment Amenity Packages
NPS of Resident Amenities Solutions
Owner/Operator Perspectives: Safety and Security Solutions - "Why did you rate your properties' .... that way?"
Owner/Operator Perspectives: Water and Electricity - "Why did you rate your properties' .... that way?"
Type of Properties Offering EV Charging Stations
Location of EV Charging Stations
Type of Digital Tools Offered for Residents

Internet and Connectivity

Type of Wi-Fi Network Available on Properties
Cellular Signal Boosters Adoption
Satisfaction with Internet Service and Wi-Fi
Managed Wi-Fi Service Provider Adoption
Drivers for Managed Wi-Fi Deployments
Bulk Internet Adoption
Percentage of Properties Offering Bulk Internet
Exclusive Marketing Agreement with Internet Service Providers
Awareness of FCC Notice of Allowing Residents to Opt-out of Bulk Billing Arrangement for Internet Service
"What impact, if any, do the FCC's proposed changes to bulk internet billing have on your company's plans to deploy managed Wi-Fi and/or smart building technologies?"
Internet Wire Ownership
Satisfaction with Bulk Internet
Reasons for Offering Bulk Internet
Reasons for Not Offering Bulk Internet
Payment Option for Bulk Internet
Bulk Internet Service Providers

Drivers and Barriers of Technology Deployment

Impact of Smart Building Solutions on Select Metrics
Reasons for Deploying Electronic Access Control Systems
Method of Measuring Access Control Effectiveness
Reasons for Deploying Video Surveillance
Method of Measuring Video Surveillance Effectiveness
Reasons for Deploying Smart Thermostats
Method of Measuring Smart Thermostat Effectiveness
Reasons for Deploying EV Charging Stations
Method of Measuring EV Charger Effectiveness
Reasons for Deploying Smart Water Meters/Water Leak Detectors
Method of Measuring Leak Detector Effectiveness
Reasons for Deploying Smart Irrigation Controls
Reasons for Deploying Package Management Solution
Reasons for Deploying Maintenance Management Solution
Factors Holding Company Back from Deploying Smart Solutions

Future Roadmap

Plans on Deploying Technology in the Next Five Years
Estimated Timeline of Making Purchasing Decisions
Scale of Rollout When Deploying Smart Building Technology Solutions
Strategy Taken When Deploying a Smart Building Solution
Expected Timeline of Making Changes to Solutions
Important Factors Evaluating Technology Solution Vendors
New Construction and Dealmaking: Resident Amenities Solutions

Market Sizing - Largest Property

Age of Largest Property
Type of Residential Buildings on Largest Property
Number of Units in Largest Property
Classification of Largest Property
Technologies Installed on Largest Property
Technologies Installed on Largest Property by Property Type
Wi-Fi Access on Largest Property
Internet Access Points Installed on Largest Property
Bulk Internet Offered on Largest Property
Speed Package Offered to Residents via Bulk Internet Plans
Monthly Fee Charged for Bulk Internet at Largest Property
Smart Building Networking Solutions
Type of Meters Used on Largest Property
Smart Meters Used on Largest Property
Package Delivery Process in Largest Property

Respondent Overview

Qualifying respondents were engaged in a real estate, property management, COA, or HOA management company.
Company Type
Type of Properties Owned or Managed
Length of Ownership
Type of Housing Included in Company Portfolio
Type of Buildings Owned or Managed in Portfolio
Company Annual Revenue
Number of Multi-Unit, Residential Properties Owned/Managed
Total Number of Residential Units Owned/Managed
Size of Properties Included in Respondent Portfolio
Company Operating Regions