Smart Home Technology and IoT in Multifamily

Smart home technology, Internet of Things (IoT) and connective devices provide substantial benefits to property managers and building owners but can often represent a costly investment. Are you ready to upgrade? It’s a fact – the Internet of Things and connected tools are the way of the future. Smart technology has improved nearly every facet of day-to-day life, including energy and security, as well as resource and operational management. However, as with any advancement, there are costs of embracing it – measured in both dollars and days. So, how can you tell that it’s time to integrate Smart Solutions into your building? A ‘smart’ or connected building includes a program or programs empowered by technology and data that enhances the overall management, operations, or efficiency of the building. The connected market – currently valued at more than $15 Billion USD – is projected to reach $137 Billion USD by 2023. While much of this growth has been in single family dwellings, the Multi-Dwelling Unit (MDU) space has already started to implement IoT automation in two primary areas: Resource management, such as energy and water control leading to improved sustainability and reduced utility costs Protection to mitigate against potential future costs Smart home technology advantages 1. Improved sustainability Buildings consume an incredible amount of energy (accounting for 40% of the US’ total national consumption, of which a significant portion is due to heating and cooling). Sustainability is not just an exercise in minimizing your building’s environmental footprint, but a viable method for reducing the significant costs associated with heating, cooling and lighting. Newer HVAC technologies provide real-time data and insights that enable proactive management of buildings to reduce costs. Sensor technology can accurately monitor building activity and ensure that heating/cooling is directed according...