industries | 3 min
Smart Technology is Essential for Existing Multifamily Assets
By Brandon Peterson | July 21, 2022
Today's renters are seeking amenities that offer safety and convenience.
The National Apartment Association and National Multifamily Housing Council (NMHC) both report that renters are most interested in security-related amenities, while National Real Estate Investor magazine says the “number-one item on most renters’ wish lists is technology focused on convenience.”
In NMHC’s recent survey, smart door locks/mobile access topped renters’ wish lists for their current or next property.
As the popularity of multifamily homes rises, owners of existing multifamily assets need smart home technologies to ensure that their listings stand out amongst the competition.
With Geokey, existing multifamily buildings can be easily retrofitted for smart technology without a significant investment in infrastructure. Offering mobile access control makes a big impression for a relatively nominal cost.
Past trends in technology prove the importance of getting ahead of the curve with smart technology for multifamily assets. Think about it. Smartphones have simplified our lives in extraordinary ways, but that wasn’t always the case.
Generation X can remember when cellphones were a commodity only accessible to the wealthy. Do you remember first generation cellphones? They were bulky monstrosities that only the rich could afford. Yet, everyone was amazed by the technology.
Look how far we’ve come in that short amount of time. Mobile phone technology has advanced exponentially, and the prices have decreased making them affordable and accessible.
Today, 97% of Americans own their own mobile phone. Our smart phones offer conveniences that have shaped our modern way of life.
Millennials and Generation Z (who currently represent the majority of the renter population) have been surrounded by technology nearly from birth. Millennials grew up during the dot-com era and Gen Z barely remembers life before cellphones, if at all!
It’s only a matter of time before smart technology is as ubiquitous as cellphones. Consumers no longer want to carry keys, key fobs, or access fobs when their phones can do it all.
Some owners of existing multifamily assets still think the startup and maintenance costs will be too high. Those owners are likely ignoring the cost of not offering it.
Residents are choosing smart apartments over traditional listings, they are staying longer, and they’re paying more for it. Not having it can be a deal-breaker.
Based on our research, we at Geokey strongly believe that multifamily asset owners and operators who provide smart technology for their community’s scale faster, stay more competitive, retain a greater percentage of residents, and will flourish despite any potential burst of the real estate bubble.
With Geokey, smart technology is available and accessible to all multifamily assets—not just new developments and lease-ups or existing Class A properties.
Contact us today and let us show you how to retrofit your properties with this game-changing technology.
For more information on how Geokey’s access control options benefit multifamily buildings click here.
For more information, visit https://www.geokey-prod.local/
Contact: Geokey Sales
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