![]() ![]() IoT automation has mostly been implemented in key areas like resource management for energy and water controls to reduce utility costs and to improve sustainability. The smart home market is projected to reach $137 billion by 2023, and, while most of this growth has been viewed in single-family homes, the MDU market has truly started to take off. Smart home technology has the ability to improve many facets of daily life and offers comprehensively comfortable and even healthy living experiences. They can also support automation and integration services enabling benefits to property managers, building owners and residents. IoT solutions can step in to offer electrical power distribution, safety and security functions, improved HVAC systems and smarter appliances. These smart apartments use programs powered by data and technology to enhance efficiency, management and operations. A dominant trend in the building of multi-dwelling units (MDUs) is heightened awareness and interest in smart technology systems that provide greater asset management and visibility across managed properties. To learn more about Forbes Real Estate Council and see if you qualify for membership, click here. As society tackles serious issues beyond Covid-19 – from climate change to an affordable housing crisis – smart apartments can fundamentally improve people’s quality of life while substantially cutting costs and fossil fuel emissions.įor more information, check out Blake Miller’s executive profile here. Ultimately, he believes smart apartments are no longer a future luxury, but a modern necessity. ![]() “Smart technology and automation enables property managers to manage more units at a distance without losing critical resident engagement,” he said. ![]() ![]() But since all smart devices eventually become obsolete, Miller says the only way to “future-proof” a building is by pairing connected building infrastructure with an open, upgradeable management platform.ĭuring a time when unemployment is the highest it’s been since the Great Depression, Miller emphasized that automating properties isn't about automating away jobs. While many companies can install smart devices such as lights, locks and thermostats, fewer property management services offer unified property management platforms. Next, developers should choose a comprehensive platform that manages all of a building’s smart technology, including property/community management and building automation, in one place. For example, Miller predicts smart HVAC systems and built-in IoT networks will soon be considered utilities like water and electricity. Firstly, it’s not enough to install smart gadgets smart apartments should include IoT connectivity to maximize people and energy efficiency. Miller advises developers interested in building or retrofitting smart apartment buildings to keep a few key considerations in mind. Smart apartments aren’t just possible with new construction older buildings can be retrofitted with smart apartment connectivity, too. Miller says smart apartments integrate three key features – smart amenities, community management and building automation systems – into one connected building system. What makes smart apartments distinct is that they go beyond smart gadgets, which eventually become obsolete. “The concept of smart apartments is an entirely new category and there are a lot of innovative companies in the space,” he said. Miller, who is also the host of the Future of Living podcast, sees a lot of potential on the horizon. ![]()
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