- By Courtney Baldwin
- In 2021 Blog
- Tags Long Island, MDU, Multi Dwelling Units, Renovations, Smart Home Technology, Smart Technology
According to a Fortune Business Insights study, the smart home industry is expected to amass a worth of over $600 billion by 2026, a significant increase from roughly $80 billion in 2018.
Research from Parks Associates states that 53% of consumers report they value technology more now than before COVID-19.
What Does This Information Mean to MDU Owners?
With smart technology driving business growth, MDU owners are faced with an opportunity to utilize technology to attract long term residents and increase their ROI.
What Are The Benefits Of Smart Technology For Residents?
- Safety and Security
- Through access control, residents are secured with lock features that prevent hacking, break-ins, and also detect intruders.
- The residential property is monitored and guests who request it are able to receive notifications when maintenance enters their unit.
- Prevent growth of mold and viruses through Smart Thermostats and air purifiers.
- Smart Thermostats allow property owners to save money. Most importantly, 70% of MDU renters are willing to pay more money in rent per month for this feature (Parks Associates.)
- Approximately 50% of MDU households sense how much energy is used and utilize Smart Lighting to save energy (Parks Associates.) An example of Smart Lighting includes touchless lighting controls..
- Trustworthy and High-Performing Broadband
- Reliable high upload/download speeds and internet connection.
- Access to technology such as WiFi networks, cloud services, and smartphones.
- Connected devices across categories. Including entertainment, smart home, health and wellness.
Ready To Rent-Out All Of Your Residential Spaces?
With smart technology your MDU will be booked-out in no time. Whether you are ready to hire professionals for your MDU project or are still considering the benefits, Powers ioT on Long Island offers the services you need to get started.
If smart home technology is of interest to you, we welcome you to schedule a free consultation through our calendar.
Stay tuned next week for Part Two: The Value of Connected Properties for MDU Owners.