Multi-family property owners, operators, and managers say that smart tech is having a positive impact on their bottom lines, according to the Smart Tech for Multi-family Properties: Understanding ROI white paper from Park Associates. Developed in partnership with SKBM SmartTech, the research provides guidance and metrics for properties to deploy smart tech based on returns, savings, and best strategies reported from these interviews. For example, multifamily executives who deploy smart thermostats in common areas of their properties report energy cost savings of 18 percent to 20 percent.

“It can be difficult for companies to determine the best strategies and benchmarks to measure return on investment (ROI) from smart building solutions, so naturally many properties are hesitant to make such large-scale investments,” said Kristen Hanich, research director, Parks Associates, in a press release. “Our research and interviews show smart building technologies, when properly deployed and managed, can have significant positive impacts on operations and resident satisfaction, so it is important to take the guesswork and uncertainties out of these deployments.”

Multifamily executives reported benchmarks and metrics to measure the impact of smart building deployments. Smart door locks and access control boost efficiency by 20 percent for maintenance staff by allowing them to enter residential units without needing to pull unit keys. Smart thermostat deployments incorporating advanced energy programs such as time-of-use reduced annual expenses by 20 percent to 30 percent and energy use by the same amount. Water leak detectors and smart water meters can provide more than 25 percent savings in old construction.

The white paper also reported that 39 percent of multi-dwelling unit (MDU) residents consider property-provided smart home devices a key differentiator when looking for their next home. “Ultimately, multifamily owners, operators, and property managers experience the highest returns when the right solution is deployed to the right environment,” Hanich said.

Parks Associates, a woman-founded and certified business, is a market research and consulting company specializing in emerging consumer technology products and services. The company’s expertise crosses home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the MDU, small-to-medium business (SMB), and commercial building markets.