Smart home technology guide for multifamily properties. Smart locks, thermostats, lighting, access control — cost, installation, and tenant appeal.
Smart home technology in multifamily properties serves two purposes: reducing operating costs for owners and enhancing the living experience for tenants. Both drive better returns on your renovation investment.
Keyless entry with programmable codes eliminates rekeying costs ($50-$200 saved per turnover). Smart locks ($150-$400 per unit) integrate with property management software for remote access control, showing schedules, and maintenance access.
WiFi thermostats ($150-$300 installed) reduce HVAC costs 10-15% through programmable schedules and occupancy sensing. Owner-managed settings can prevent extreme temperature use that damages HVAC systems.
Water leak sensors ($30-$100 each) placed under sinks, near water heaters, and by toilets detect leaks before they cause major damage. Automated alerts to maintenance prevent catastrophic water damage events.
Smart locker systems ($10,000-$30,000 installed) with automated notifications solve the package theft and management headache. Self-serve systems reduce leasing office workload while improving tenant satisfaction.
Bulk WiFi ($15-$30 per unit/month revenue potential) provides reliable internet as an included amenity. Managed networks offer better coverage than individual tenant connections and create a new revenue stream.
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