Improving Sustainability in Property Management with Smart Home Technology
Today tech-savvy millennials are interested in several new cloud services and internet-connected devices. With the work-from-home trend on the rise, residents seek at-home cost efficiency to match their smart home needs. As technology becomes more essential, multifamily property operators will not possess the capabilities to scale up and increase efficiency without smart home technology implementation.
Property operators are installing IoT and smart home technology
While fitness centers, pools, and lounges remain a hot selling point for properties, apartment operators add even more value with smart-home technology. Features like remote-access thermostats, smart locks, and Bluetooth shower heads are becoming key selling points for residents – helping them get the entire smart home experience in their apartments.
Many residents seek out eco-friendly buildings when in search of their dream apartments. As one of the fastest-growing desired housing features, a lack of sustainable living features can drive consumers away. In just ten years, the rise in LEED-certified apartments – a designation that recognizes buildings designed to be more sustainable – grew by almost 300 percent.
64% of residents are willing to pay more to live in a green community.
An AMLI Sustainable Index study found that 64 percent of residents are willing to pay more to live in a green community. By implementing sustainable and eco-friendly features to their buildings, property owners can add even more value. Managing multi-family homes can be a difficult task, which is why some communities offer appliance packages with the Energy Star rating. Smart home technology provides a centralized system that supports conserving energy while helping residents save money.
IoT-enabled buildings will reap the benefit of greater efficiency
Today’s advancements in building operation have created space for almost any building in the country to be connected to the internet and operated more efficiently. Forty percent of the energy consumed in the U.S. powers commercial and residential buildings. This makes reducing consumption and saving money one of the biggest challenges for commercial building owners and managers. According to the New York State Energy Research and Development Authority (NYSERDA), enabling real-time energy management systems and smart technology can help reduce costs by an average of 15 percent while also improving the bottom line.
According to the NYSERDA, enabling real-time energy management systems and smart technology can help reduce costs by an average of 15% while also improving the bottom line.
The future will bring greater efficiencies for IoT-enabled buildings. Smart home integration allows for predictive intelligence, which leads to more informed decisions that save even more money. By implementing the right technology in IoT buildings, we can create an environment that reduces energy waste. This also allows for property management to anticipate greater responsiveness to critical issues. With a better understanding of real-time building conditions based on data and anytime access to actual energy and water consumption, efficiency becomes more attainable.
Credible data is essential to become an eco-friendly property
Data plays a critical role in making IoT and smart systems work successfully. Wi-Fi-enabled smart thermostats that earn the ENERGY STAR label have been independently certified based on actual field data and help deliver energy savings. Collecting this data allows for the analysis needed to produce insights that correctly predict usage, costs, and adjustments.
Accurate data helps property owners understand, measure, and track their building’s performance.
Accurate data helps property owners understand, measure, and track their building’s performance. From whole-building data to granular interval data, they can help fine-tune sustainability and energy conservation efforts with smart home technology data.
Going green efficiently with smart home technology
As buildings go green with smart home technology, implementation can be complex without suitable systems to collect and monitor the data. Urjanet provides property management software and service providers with a direct connection to utility data to streamline energy management efforts. Incorporating into your property management software will streamline your process and impact cost efficiency for multifamily property owners and their residents.
To learn more about how Urjanet can support your smart home technology integration and data collection, speak to an expert today.
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About Honor Donnie
Honor Donnie is a Marketing Intern at Urjanet, with a passion for content creation. When she’s not at Urjanet, she can be found studying Political Science at Clark Atlanta University.