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In an age where smart technology is reshaping the way we live and work, multifamily building operators have a unique opportunity to adopt solutions that benefit both their operations and the residents they serve. The benefits of smart HVAC and plumbing systems, along with smart door locks and garage openers, extend far beyond daily convenience – they play a critical role in the long-term care and profitability of investment properties.
The Operator’s Advantage: Cost Savings, Maintenance Efficiency, and Risk Mitigation
For building operators, managing heating, cooling, and infrastructure across dozens or even hundreds of units can be complex and costly. Additionally, property rates in the U.S. have continued to increase. According to the National Multifamily Housing Council, multifamily operators report that costs have gone up an average of 26% since 2022, with some reporting increases as high as 120% from year over year. Smart thermostats and leak detectors offer a streamlined solution that provides greater control, operational efficiency, and risk mitigation.
Smart thermostats allow operators to centrally control temperatures across multiple units, ensuring energy isn’t wasted and that buildings operate efficiently. By using remote access via a centralized platform, operators can make real-time adjustments to heating and cooling schedules from anywhere, ensuring optimal energy usage. This remote capability is especially useful for vacant units, allowing operators to prevent unnecessary energy costs without needing to physically visit each unit. In total, Energy Star-rated smart home systems can reduce HVAC energy consumption by up to 23%.
(Courtesy of Resideo)
Leak detectors add another layer of protection by identifying water leaks early, helping operators avoid costly damage. During construction, non-weather water claims are among the most common types of insurance claims and cost the industry approximately $16 billion per year. When paired with remote access, leak detectors can immediately alert operators to potential water damage risks, whether it’s from a burst pipe, faulty appliance, or slow leak in a resident’s unit.
(Courtesy of Resideo)
Resident Benefits: Comfort, Safety, and Control
While building operators benefit from operational perks, residents enjoy enhanced convenience, comfort, and safety. According to Rent.com, 82% of renters want at least one smart device or system in their home. Smart thermostats allow residents to tailor the temperature of their homes to their personal preferences, and they can even make adjustments remotely via their smartphone or tablet. Whether they’re at work or on vacation, residents can ensure their home is at the perfect temperature when they return, improving their overall living experience.
If tenants are responsible for the energy costs of the residence, a smart thermostat can significantly enhance the marketability of a rental property in two ways. First, it helps renters reduce their energy bills, making the property more financially attractive. Second, it adds to the property’s appeal as an energy-efficient rental, which is in high demand. In fact, tenant interest in such properties increased by 20% in 2024. Another factor is the comfort of their new rental. This includes indoor air quality, water quality, and the presence of allergens and pollutants.
Predictive Analytics and Remote Access: A Game-Changer
The integration of predictive analytics and remote access into smart home technology is a game-changer for multifamily properties. At Resideo, we use predictive analytics to help building operators monitor the health of their HVAC systems and plumbing infrastructure. For example, a smart thermostat might detect that an HVAC unit is working harder than usual to maintain temperature, signaling the need for maintenance before a costly breakdown occurs. Leak detectors can track subtle changes in water pressure, identifying potential issues like corrosion or blockages before they lead to full-blown plumbing failures.
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(Courtesy of Resideo)
Remote access allows both operators and residents to stay connected to their systems from anywhere. For operators, this means the ability to monitor and manage the entire property without needing to be on-site. For residents, it means controlling their home environment no matter where they are, leading to a greater sense of security and convenience.
The Win-Win
With smart products capable of identifying and preventing leaks, managing HVAC run times, and controlling vacant units, while also providing an extra layer of awareness through video monitoring, building owners can safeguard their investments from costly damage while optimizing energy usage. Residents, on the other hand, enjoy enhanced comfort, safety, and convenience, with the added benefit of cost savings from energy-efficient technology.
By leveraging smart home technology like thermostats, leak detectors, and remote access, multifamily building operators can harness the power of data-driven insights and automation to create a more efficient and comfortable living environment for everyone.
For more information on how these technologies can enhance multifamily properties, visit www.resideo.com/us/en/pro/builder-solutions/