Parks Associates has produced “Smart Living: Elevating the Resident Experience,” a deep look at the multifamily market at a time of high interest rates and low housing stock. In this environment, technology gives property owners and managers an edge, according to the consulting firm.

"Connectivity – to the property, around the property, and in-unit – is the foundation of an elevated resident experience," the white paper states. "Property-wide and bulk internet are enablers for smart apartment and smart MDU (multi-dwelling unit) solutions, allowing properties to better manage and deploy devices. Bulk internet also offers a new revenue-generating strategy for properties."

The white paper highlights new ways to serve the resident with enhanced experiences across

property classes, and how builders, property owners, property management firms,

home owners associations and condo management firms are investing in broadband and Wi-Fi networks, and smart device deployments, to offer their residents a “premium” experience.

The paper includes a look at key consumer segments and expectations for smart home experiences and amenities requiring always-on broadband, given that 83% of MDU residents who have access to property-provided smart home devices are satisfied or highly satisfied with their apartment or condo, versus 66% of those without property-provided devices.

To read the white paper, click here