In today’s competitive rental market, multifamily operators and property managers are constantly seeking ways to attract and retain residents while improving operational efficiency. Smart home technology—think smart locks, thermostats, lighting, and security systems—has emerged as a potential game-changer. But is it worth the investment?

According to the Multifamily Forward pod cast, smart home tech is well worth the investment. As one of the mottos of Mark-Taylor Residential, “Innovate today for a better tomorrow” are words they live and work by. Take a minute to listen to the special podcast below “Is Smart Tech Worth Your Money.”

Resident Demand and Market Appeal

Modern renters, especially Millennials and Gen Z, expect smart home features. According to industry studies, properties with smart technology often experience higher occupancy rates and increased resident satisfaction. Offering conveniences like keyless entry and remote-controlled climate settings can be a strong selling point.

Operational Efficiency and Cost Savings

Smart thermostats and lighting systems can significantly reduce energy costs. Automated maintenance alerts for leaks or HVAC issues can prevent costly repairs. Additionally, smart locks simplify access control for leasing agents, maintenance teams, and residents, reducing key management hassles.

Beyond cost savings, smart automation allows property teams to work more efficiently. For example, a typical 300-unit multifamily community that takes advantage of smart automations and self-guided tours can average 1,300 hours given back to teams and an average of 26% less energy usage with smart thermostats. This means fewer hours spent coordinating in-person showings, managing physical keys, and responding to unnecessary maintenance calls. Leasing agents can focus on higher-value tasks like resident engagement, while maintenance teams can proactively address issues flagged by smart sensors instead of chasing work orders.

Increased Revenue Potential

Many property owners can charge premium rents for smart home-equipped units. A moderate increase in rent can quickly offset initial installation costs, providing a strong return on investment over time. Plus, properties with smart features often see higher renewal rates.

Implementation Challenges

Upfront costs and integration with existing systems can be barriers. For instance, IoT connectivity often includes a hefty price tag upto $350,000 for a managed Wi-Fi solution. However, if your smart home platform provider includes connectivity, like iApartments for example. You can enjoy leading-edge always-on LTE-M connectivity to smart locks, smart sensors, smart lighting and more. All without the need of managed Wi-Fi.

Additionally, Operators must consider compatibility, security concerns, and potential tech support needs. Choosing scalable, future-proof solutions is key to maximizing long-term benefits.

Final Verdict

While smart home tech requires an initial investment, the long-term advantages—enhanced resident experience, operational efficiencies, and potential revenue growth—often outweigh the costs. Multifamily operators who strategically implement smart home features can gain a competitive edge in the rental market.

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When evaluating the best smart home and smart access solutions, it’s important to partner with a solution provider that offers a customized balance of automation, security, and modern convenience.

In today’s fast-paced world, convenience, security, and efficiency are top priorities for both renters and property managers. Smart home technology has revolutionized apartment living, offering seamless control over lighting, climate, security, and access. From keyless entry systems to fully integrated smart home ecosystems, the right solutions can enhance resident satisfaction while streamlining property management.

Let’s take a look at key factors to consider.

1. Comprehensive Smart Home Integration

• • Supports multiple smart devices (locks, thermostats, lighting, sensors).
  • Seamless integration with existing property management software.

2. Robust Smart Access Control

• • Keyless entry with smartphone access and personal PIN code options.
  • Remote access management for residents, staff, and guests.
  • Secure access logs and audit trails for enhanced security.

3. Scalability & Flexibility

• • Adaptable for small and large multifamily communities.
  • Ability to upgrade and expand as technology advances.

4. Centralized Management & Automation

• • A single dashboard for property-wide control.
  • Automated workflows for move-ins, move-outs, and maintenance.

5. Resident Experience & Convenience

• • User-friendly mobile app for easy control.
  • Self-guided tour capabilities for prospective renters.
  • Smart energy management for cost savings and sustainability.

6. Security & Compliance

• • Secure encryption and data protection measures.
  • Compliance with industry SOC2 standards.

7. Reliable Support & Maintenance

• • 24/7 customer service and technical support.
  • Ongoing updates and improvements to keep up with evolving tech.

8. Cost-Effectiveness & ROI

• • Competitive pricing with clear cost savings.
  • Demonstrated ROI through reduced key management, energy savings, and operational efficiency.

Below is a specific example of how a property has achieved cost savings and improved property operations with smart technology.

Smart Living at 2Bayshore

2Bayshore, a luxury living community in Tampa, sought to enhance operational efficiency and reduce expenses associated with physical key management. The solution was to implement an enterprise smart home solution that will enable property team to work more efficienctly and elevate living experience for residents.

Read the entire 2Bayshore Case Study.

Smart technology provided solutions to many age old multifamily challenges for property management teams including tracking keys, security, and labor intensive tasks. Below are examples of typical property managment challenges, alongside the solutions and ways smart tech can provide cost savings.

Eliminate Physical Keys
This change significantly improved operational efficiencies and reduced costs by thousands of dollars.

Enhanced Security
A keyless solution mitigated the security risks associated with lost or duplicated physical keys.

Streamlined Fire Inspections
The smart access system provided a more efficient method for conducting mandatory fire inspections, saving time and resources.

Cost Savings

Reduced Key Management Expenses:

• • No more physical keys to lose, duplicate, or replace — saving on locksmith fees and rekeying costs.
  • Smart locks can be reprogrammed remotely, avoiding the need to change entire lock systems between residents.

Fewer Maintenance Calls:

• • With remote access, property managers can troubleshoot and grant entry to maintenance staff without being on-site, cutting down on travel and labor costs.

Lower Turnover Costs:

• • Streamlined move-in/move-out process — digital keys can be activated or deactivated instantly, minimizing downtime between tenants and reducing vacancy losses.

Energy Efficiency Savings:

• • Integration with smart thermostats ensures units aren’t wasting energy when unoccupied, lowering utility bills for both residents and property owners.

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Centralization in property management streamlines operations by consolidating tasks like leasing, maintenance, and access control into a unified system, improving efficiency and oversight.

However, while automation enhances security, reduces costs, and simplifies workflows, maintaining a human touch is essential for resident satisfaction and community engagement. The key is finding the right balance.

Centralization: The Goal is to Enhance not Replace

Centralizing the right mix of automated processes alongside personalized service can enhance operational efficiency while preserving the core of property management—building and maintaining strong relationships with residents.

Here’s how upper-level property management professionals can thoughtfully integrate automation while retaining a human touch, thereby optimizing both asset performance and resident experience.

Centralization: The Role of Automation

Automation technology in property management, especially smart tech platforms like iApartments, has revolutionized routine processes. Systems that connect smart home technology, building access, and self-guided tours into a single application have simplified daily operations, allowing staff to focus on high-value interactions. Automated systems have substantial benefits in multifamily property management, especially in asset preservation and operational efficiency.

Reduce costs with automation

• Preventive Maintenance: Automated alerts for maintenance issues allow for a proactive approach, addressing problems early and preserving asset integrity.
• Energy Efficiency: Smart sensors can monitor and adjust heating, cooling, and lighting, reducing energy waste and improving sustainability.
• Routine Communications: Regular reminders, notifications for inspections, and maintenance schedules can be automated, freeing up property managers for other tasks.

Compared to the cost of break ground or knock down walls for typical amenities, smart home tech creates a 6-10X Multiple on Invested Capital.

Enhancing Leasing Processes with Automation

Leasing is another area ripe for automation. By automating repetitive tasks and providing real-time information, leasing agents can focus more on engaging with prospects and closing leases.

Automation can support leasing in several ways:

1. Scheduling and Self-Guided Tours: Self-touring technology lets prospective renters view units at their convenience, significantly enhancing their experience. Automation of tour schedules, access to buildings and vacant units, and prompting prospects to complete an application eliminates manual tasks.
2. Onboarding: When a prospect signs a lease, automated updates to smart lock credentials remove the need for physical keys and manual intervention from staff, ensuring that residents have instant, secure access upon move-in.
3. Data Collection and Follow-Up: Automation collects essential data from tours and applications, allowing leasing agents to tailor follow-up conversations and more effectively close leases. By automatically delivering prospect data to leasing teams, agents can focus on the human aspect of leasing, such as addressing concerns and guiding prospects through the decision-making process.

Human Touch in Multifamily Management

While automation can enhance efficiency, certain aspects of property management still require a personal approach. Building relationships, resolving conflicts, and understanding residents’ unique needs are areas where human interaction is irreplaceable. Property management professionals bring empathy, flexibility, and negotiation skills to these situations—qualities that technology cannot replicate.

Human Touch Highlights:

• Resident Relations: Creating a welcoming community requires a human connection. Staff should be available to address questions, build rapport, and show that resident concerns are valued.
• Conflict Resolution: When disputes arise, having a skilled human mediator on-site ensures issues are handled with understanding and care, preventing escalations.
• Tenant Retention: Leasing agents and property managers who build positive relationships with residents contribute to higher retention rates and reduced turnover.

Centalization for Operational Efficiency

Centralization in multifamily property management isn’t solely about automation; it’s about streamlining processes so that essential information and operations are easily accessible to staff, residents, and prospects. Centralization provides accurate, real-time data, enabling teams to make informed decisions quickly. As repetitive, low-value tasks are reduced, staff can focus on value-added activities that enhance resident experience and property performance.

Strategic Benefits of Centralization:

• Improved Accuracy and Speed: Access to real-time data improves decision-making, ensuring that maintenance and leasing processes run smoothly.
• Resident Experience: When day-to-day operations are streamlined, residents benefit from faster service, fewer disruptions, and a seamless living experience.
• Team Focus on High-Value Tasks: With fewer mundane tasks, staff can devote more time to activities that impact resident satisfaction, such as community events, responding to resident requests, and maintaining the property’s appearance.

Finding the Balance

The key to successful centralization is finding a balance between automation and the human touch. Automation should reduce administrative burdens and increase efficiency, allowing staff to focus on personal, high-value interactions with residents. By using automation to handle routine tasks, property management can shift resources towards improving tenant satisfaction, fostering community, and addressing complex issues. Ultimately, this balance will lead to a more resilient and responsive property management approach.

Harness the Best of Both Worlds

Centralization, when executed thoughtfully, enables multifamily property management teams to harness the best of both worlds: the efficiency of automation and the empathy of human interaction. By implementing smart technology to manage routine tasks and using centralization to streamline data and operations, upper-level property managers can preserve assets, enhance operational efficiency, and improve the resident experience. As the industry continues to evolve, finding the optimal balance between technology and human touch will be crucial to sustaining long-term success in multifamily property management.

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Smart Amenities elevate your community

Elevate your Houston apartment community with innovative amenities like smart home technology, offering convenient keyless access, intelligent temperature regulation, and seamless integration with your property management software. Our smart automation solutions empower your team to simplify resident move-ins, accelerate leasing procedures, and optimize energy consumption intelligently. As trusted smart technology providers serving Houston communities, we take care of every facet of installation, provide comprehensive training for both residents and staff, and offer round-the-clock dedicated support for your peace of mind.

Watch a Testimonial on Smart Amenities: Is it Worth It?

Amenities that differentiate Your Houston Apartment Community

Houston is an increasingly competitive MDU market. Integrating smart technology amenities into your apartment community can serve as a powerful differentiator. By offering amenities such as keyless access, smart temperature control, and seamless property management integration, residents experience enhanced convenience and efficiency in their daily lives. Moreover, advanced automations streamline processes for both residents and management, from move-in procedures to leasing operations, while promoting sustainable energy practices. This forward-thinking approach not only attracts discerning tenants but also fosters a modern and progressive reputation for the community, setting it apart from the competition in the eyes of prospective renters.

Convenience and accessibility as amenities

Smart perimeter access control technology enhances both security and accessibility for residents and guests alike. Prospective renters are typically on a busy schedule, so its important to make property tours as convenient as possible. Self-guided apartment tours is one of the amenities that is appreciated most. They simply schedule time to tour on their phone, then gain temporary access to model units by way of a smart lock.

When prospect want to tour property amenities like the gym, social areas, or pools, they simply wave there hand over an access reader that confirms temporary credentials. Now they can explore and imagine living and enjoying life at your community.

What types of Smart Devices and Software Are Included?

iApartments smart home package includes smart devices specifically designed for multifamily and build-to-rent communities. Let’s look at the hardware and software included in a best-in-class platform solution.

Smart Home Platform

A smart technology platform is like a musical conductor who orchestrates all the digital services that enable hardware and software to connect and function in a workflow. It enables you to add additional amenities, like garage access control or self-guided tours. It keeps thing tidy and under one roof.

Smart Hub Thermostat

A smart hub acts as the centerpiece for communication to all devices throughout the home. When a resident uses the iApartments resident app to lock the front door, the signal goes to the cloud, then to the smart hub, and finally to the smart lock. Control of each smart device works in this manner. iApartments keeps things simple by including a hub in their smart thermostat.

Front Door Lock

A Smart Lock provides keyless entry for residents and management teams. These types of digital locks greatly reduce costs when compared to traditional key management.

Leak Sensors

Water leak sensors are placed in strategic areas of a home or apartment. Typically, under washing machines, garbage disposals and water heaters. If a leak is detected, an alert goes out to the maintenance team.

Resident App

Residents download the iApartments app to easily control all facets of their smart home. They adjust temperature from the couch, can assign guest smart lock access, and turn off lights from bed.

Schedule a Demo Today

The best way to learn about our innovative smart home technology for Houston apartments is to request a demo so you can see exactly how our system works. We are ready to answer all of your installation questions and provide professional guidance.

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The integration of smart tech into workforce housing is revolutionizing the sector, providing both residents and property management teams with a range of benefits. Contrary to the belief that smart home amenities are too costly for workforce housing, multifamily leaders like Stoneweg have proven otherwise. They are entering their third year of smart home adoption and have offered insights to their success in the video below.

Smart Tech Amenities Add Value

Market Differentiation: Offering a smart home tech package attracts renters looking for modern conveniences, helping workforce housing properties stand out in a competitive market.

Energy Savings: Smart thermostats reduce HVAC runtimes in vacant and occupied units, resulting in lower utility bills and increased affordability for residents.

Simplified Key Management: Smart locks eliminate the worry of hundreds of keys being handled around your community and far less intensive to manage.

Get Ahead of Water Leaks: Smart leak detection systems are placed in strategic areas within the apartments, sending alerts to maintenance when drips occur.

Return on Investment: Elevate your community without having to break ground or knock down walls. Compared to the cost of adding other types of amenities, smart home tech creates value all around.

Elevate your community without having to break ground or knock down walls. Compared to the cost of adding other types of amenities, smart home tech creates value all around.

Tech Amenities that Millennials Love

Smart technology amenities bring numerous benefits to workforce housing, significantly enhancing the living experience for residents while improving operational efficiency for property management teams. For residents particularly, smart devices like thermostats, lighting systems, and security features offer increased convenience, safety, and cost savings. Smart thermostats can optimize energy usage by adjusting heating and cooling based on occupancy and preferences, which reduces utility bills.

Additionally, smart locks provide keyless entry, eliminating the hassle of managing physical keys and enhancing security. These modern amenities not only improve the quality of life but also make workforce housing more attractive to prospective renters, who increasingly seek out tech-forward living environments.

Operational Efficiency

Likewise smart home technology translates to streamlined operations and reduced costs for property teams. Remote monitoring and control of smart devices allow property managers to efficiently oversee multiple units, addressing issues promptly and maintaining optimal conditions. Automated maintenance systems can detect potential problems, such as water leaks or HVAC malfunctions, before they escalate into costly repairs. This proactive approach to maintenance enhances the overall durability and sustainability of the properties. Moreover, smart home technology aids in market differentiation, helping workforce housing properties stand out in a competitive market by offering amenities that appeal to tech-savvy renters. By adopting smart solutions, property managers can achieve higher tenant satisfaction and retention rates, ultimately contributing to the long-term success and viability of workforce housing communities.

For an additional perspective on smart apartment solutions, watch an interview with Dustin Lacey at Mark-Taylor Residential. They are currently in their third year after rolling out smart home portfolio wide.

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The workforce housing sector is often neglected when it comes to smart home technology. In fact, the most misunderstood aspect is affordability for residents.

Stoneweg enhances workforce housing with smart home technology

Meet workforce housing developer, Stoneweg US

Stoneweg US, a leading owner-operator and developer of multifamily properties across all asset classes (A, B, and C) with a primary focus on workforce housing, is redefining this narrative. The firm leads the multifamily industry with a strong emphasis on sustainability, asset optimization, and energy efficiency.

“We are extremely pleased with our return on investment. We have numerous financing options and can billback residents for this amenity in a way that suits both the market and the property,” said Palmer.

Innovative solutions make this system easy to implement

In its pursuit of a smart home solution, Stoneweg aimed to find a system that is implementation-friendly accross their workforce housing portfolio. By integrating the IoT hub for connectivity into the thermostat, it eliminated much of the “noise” around trying to make sure the system would work universally at each of their properties. This standardization makes training easier and enables usability for staff, no matter which property they work.

iApartments that not only enhances operational efficiencies but also serves as a revenue generator. “We wanted a smart home solution that addresses both operational efficiencies and generates revenue,” explained Sam Palmer, EVP of Asset Management & Development at Stoneweg.

To achieve this, Stoneweg US partnered with iApartments, forming an alliance that brings a smart home living experience to workforce housing residents while generating additional revenue for each of its 12,000+ unit workforce housing communities. Stoneweg markets these units as “smart apartments” to attract more millennials seeking new homes.

The iApartments smart home platform enables asset managers to improve operational efficiencies through keyless building and residence access, smart water leak sensors, and automated energy management of vacant units. By offering smart amenity packages, Stoneweg can generate $35-45 per month in ancillary income for each community. Each workforce housing residence is equipped with a smart thermostat, smart lock, water leak sensors, and a smart home app for residents.

Smart apartment data for workforce housing

Data reveals that vacant unit HVAC runtimes are reduced by 52% compared to occupied units. Occupied units benefit from a 35% reduction in energy consumption when using iApartments’ smart thermostats. Maintenance teams no longer need physical keys, as they can use a pin code on the smart lock to access units for work orders.

Additionally, Stoneweg teams have saved over 450 hours per community on average since installing the iApartments smart home system. Leasing teams have saved over 193 hours per community on average when “turning units,” as they no longer need to re-key locks and cut keys.

This partnership between Stoneweg US and iApartments showcases how smart home technology can be effectively integrated into workforce housing, providing significant operational efficiencies and generating additional revenue, all while enhancing the living experience for residents.

Smart home devices for workforce housing

iApartments smart apartment solutions includes:

1. Smart thermostat / Smart Hub
2. Smart water leak sensors
3. Smart lock (Yale, Kwikset or similar)
4. Resident smart home app
5. Management portal software

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