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 Member Update
36
APRIL 2021 • WWW.AAGLA.ORG
CHOOSING THE RIGHT SMART HOME TECHNOLOGY FOR RENTAL HOUSING
BIy Arize
n our connected world, even our homes are becoming smarter. The term is ‘smart technology’ and it is changing the way that apartment communities are being managed. Here are the answers to common questions regarding this fresh new concept.
WHAT IS A SMART APARTMENT / SMART HOME?
Smart apartments and homes use internet- connected devices to monitor and manage the home remotely, using a simple phone application. This includes everything from appliances and utilities to temperature and lighting controls. Think of it this way: just as your mobile phone has iOS and Android that connect us to just about all of our daily tasks, they now also connect us to our most important asset—our homes!
Smart apartments are very versatile and offer something for every tenant. In fact, they can be equipped with EACH AND EVERY ONE of the following smart devices (Note: all these devices allow for 24/7 monitoring and response): Smoke detector alerts, smart lighting control, thermostat automation, water leak detectors, keyless entry/smart locks, entry sensors (e.g., windows and doors), motion sensors and more. Additionally, smart apartment devices can all be automated onto one simple, streamlined platform.
WHAT IS TENANT DEMAND FOR SMART APARTMENT TECHNOLOGY?
Demand for smart home devices is on an upward
trajectory, with the total amount of specific smart home devices shipped per year forecasted to increase to nearly 1.5 million by 2024.
WHY SMART APARTMENTS?
The answer to what makes smart apartments a good idea is two-fold. First, from the tenant’s perspective, residents get the convenience of smart devices without having to purchase or install them. Then, from the property manager’s perspective, property managers get more streamlined property data and management capabilities.
HOW DOES SMART APARTMENT TECH STREAMLINE MULTIFAMILY PROPERTIES?
The three main ways that smart apartment technology streamlines multifamily properties is through mitigating disasters, increasing net operating income (NOI), and boosting efficiency. Regarding disaster mitigation: Smart technology effective, particularly as it relates to mitigating disasters like apartment flooding. With $2.5 billion in insurance claims due to water damage and mold each year, this type of disaster is a major worry for property ownership and staff. The key to conserving your maintenance and repair monies is to never have to pay them out in the first place.
While a long list of preventative inspections may seem like a logical answer, this would-be solution poses its own large set of problems. Tenants are inconvenienced (and even get annoyed) with these types of invasive inspections and they also require
 

















































































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