Today, approximately one in three Americans rent. Demand for apartments and multifamily living spaces is at an all-time high. Last year, the multifamily market saw dramatic growth, with a 15 percent jump in apartment transactions totaling nearly $168 billion.
This demand is driven by the rise of the urban population and demographic transformations: More empty-nesters are moving back into rented communities. In the meantime, millennials and Generation Z favor living in rented apartments in urban centers, not only due to financial restraints like student debt, but also lifestyle choices. Americans need 4.6 million new apartments by 2030; otherwise, they will face a severe shortage.
While this change triggers many societal transformations, a life in apartments and multifamily settlements also brings a new set of challenges, particularly in access management and home security.
However, with proliferating digital technologies, many solutions to overcome these challenges have been emerging over the years.
A suit of smart lightbulbs wouldn’t require any significant alterations to a living space. However, the ability to program routines for automatic lighting maximizes the energy savings indoors.
Depending on their needs and desires, tenants can adjust, change the colors, or switch off these lightbulbs remotely.
Furthermore, smart lightbulbs are useful outside of the properties too, as they boost the safety of the premises. While the dark areas around the property could be a liability for tenants, just a few lights around the exterior is all it takes to enhance safety and security. Motion sensors can help alert tenants to movement outside, which acts as a powerful deterrent for intruders.
According to the U.S. Department of Energy, heating and cooling account for nearly half of the average home’s utility bills. Hence, merely adjusting the room temperature in a large multifamily property can come with a formidable price tag. However, a smart thermostat enables the tenants to save on energy costs without compromising from comfort. These IoT-powered tools mitigate heating expenses by carefully regulating the temperature of homes.
It’s possible to remotely program and control smart thermostats to follow a specific schedule. Moreover, many of these gadgets include room sensors to adjust temperatures in each living space. The sensors can even lower energy use and save money over time for maximized comfort at a minimal price tag.
Secure Entrance Systems
In a time of skyrocketing digital technologies, traditional keys are cumbersome; yet, not secure enough. However, many new solutions to overcome the limitations of a physical key emerged.
Thanks to smartphones and IoT technologies, tenants can manage the entrance remotely. They can also secure some doors with electronic and wireless locking components that can be monitored.
Furthermore, in the near future, residents might no longer need to carry a key or a key-card. Advancing biometric entrance systems and facial recognition technologies are set to remove the need for a tool to open a door.
Despite the rapid societal transformations, innovations are in a race to meet the needs of an ever-evolving property market. From smarter ways to use the apartment on an everyday basis to secure entrance systems, new technologies are allowing residents to lead smoother lives in multifamily spaces.