May 16, 2023
You’ve heard the buzz about how IoT (Internet of Things) is transforming the multifamily property landscape and wooing would-be residents. IoT, or as many call it, “smart technology,” refers to a wide range of devices that communicate with other networks and devices via the internet. Real-world examples range from streaming content via your smart TV to smart thermostats that control the temperature from anywhere.
So why all the IoT excitement? Well, the fact is, it’s good for your bottom line and it benefits your residents. So, outfitting an MDU with smart technology, such as smart door locks, water sensors, thermostats, and more, makes smart business sense.
Owner Benefits
Smart technology features give builders, owners, and property managers a lot to smile about. Let’s see how.
Help boost competitive edge
In an ever-growing marketplace, you need to stand out to attract and retain residents. Our pilot community studies showed that leases were up 10–14 units over their monthly goals.
Increase property value
High-tech properties, or “smart communities” drive higher rent, and studies show an average increase in rents of $72 per unit.1
Operational savings
Industry studies have shown up to a 30% average energy reduction following installation of smart thermostats.2 And considering that, on average, MDUs in the United States lose $10 billion a year in revenue due to fire and flood damage,3 the importance of technology like water leak sensors can’t be overstated.
Resident Benefits
But how does all of this satisfy residents? Put simply, smart communities offer more amenities and features that make life easier. Residents can do all of this and much more:
Putting it all together
So why all the IoT excitement? Well, the fact is, it’s good for your bottom line and it benefits your residents. So, outfitting an MDU with smart technology, such as smart door locks, water sensors, thermostats, and more, makes smart business sense.
Owner Benefits
Smart technology features give builders, owners, and property managers a lot to smile about. Let’s see how.
Help boost competitive edge
In an ever-growing marketplace, you need to stand out to attract and retain residents. Our pilot community studies showed that leases were up 10–14 units over their monthly goals.
Increase property value
High-tech properties, or “smart communities” drive higher rent, and studies show an average increase in rents of $72 per unit.1
Operational savings
Industry studies have shown up to a 30% average energy reduction following installation of smart thermostats.2 And considering that, on average, MDUs in the United States lose $10 billion a year in revenue due to fire and flood damage,3 the importance of technology like water leak sensors can’t be overstated.
Resident Benefits
But how does all of this satisfy residents? Put simply, smart communities offer more amenities and features that make life easier. Residents can do all of this and much more:
- Switch off lights and lock doors with a simple voice command as they head to bed.
- Feel more secure coming home by setting lights to turn on when the door opens.
- Control their smart home from anywhere in the world.
- Feel an overall sense of satisfaction with their MDU of choice.
Putting it all together
You already know Cox Communities as a trusted advisor for out-of-the-box MDU solutions, and you may have heard that we’ve recently partnered with Level Home/Dwelo. This addition enhances our IoT portfolio, bringing you well-designed, well-thought-out, smart tech you can use to win over future residents.
