The future of smart apartments
Technology continues to develop in leaps and bounds. We want things instantaneously accessible. And smart. Always smart. So, it has become abundantly clear that today’s building owners must future-proof their apartments. Or, be left behind.
A fear of growing outdated has many just waiting. Waiting for what, you might ask? For nonexistent technology that will put them years ahead of the rest. It might be a waste of time.
Mike Smith, vice president of Whitespace Building Technology, seems to agree. In order to achieve the smart building of tomorrow, he believes we can use the technology and data of today.
Let’s start with the basics. What even is a “smart” building? Smart buildings utilize interconnected technology to improve functionality, performance, and environmental impact. Basic answer — they help users be super efficient/effective in everything. The typical technologies are smart thermostats, security systems, and more recently energy monitoring tech.
According to Multifamily Executive, there are a lot of myths surrounding smart apartments and future-proofing. Myths that the needed tech is super expensive. Or that no one is even using it yet. And, our favorite, that residents pay for the utilities, so what stake does management even have? These facades are what are keeping property owners from pursuing today’s technology.
In reality, there are many affordable possibilities regarding smart technology, ranging from the aforementioned door-lock control to full-fledged Energy Management Systems (EMS).
No one is using this technology yet? Someone had better tell that to nearly 50% of the businesses in an Ecova study in 2015. The tech is on the market, and people are taking it seriously.
As for management not having a stake: really? That’s like telling a rental car company not to bother maintaining their cars because they’re not filling up the gas tank. Management may not always pay the bills (and sometimes they do), but it’s still their appliances being used. And if they break due to misuse, who picks up the bill?
The future of smart buildings is proactivity. Energy monitoring companies provide actionable data on appliance performance, and help through proactive maintenance. Not to mention providing data on vacant units and common areas, which building owners do pay for.
PowerSage is an example of the future of energy monitoring technology. We track energy at the circuit level, reporting it back in real time. The data can be used to validate performance, and to produce energy savings resulting in improved NOI. By helping management to act proactively rather than reactively, we strengthen management-resident relationships. And, by simultaneously helping residents to see their energy use, we improve the renting experience.
Our goal is to put better data into the hands of our customers — both management and residents — so better decisions can be made.
Because yes, we do collectively need to be smarter. We need to push efficiency. And developers and owners will need to begin implementing smart tech now. Whether through renovations, or during original development. That way, the tech can easily be scaled up later.
The technology is already here. And, it’s taking off as common fears are countered, myths are debunked, and profits are proposed. Owners and residents alike can profit from sustainability. Now, it’s even easy to do so. That’s the goal of smart, energy related tech. It’s the future of the multifamily industry.
See the full MFE review of this topic here.
