Multifamily owners and operators face a changing market, but technology can reset their cost and profitability expectations. This white paper from Parks Associates in partnership with Realpage, explores the benefits of the smart technology retrofit wave and outlines best practices for executing retrofits in occupied buildings.
Table of Contents
The Coming Smart Technology Retrofit Wave in Multifamily
Smart Building Technology as Operational Baseline
The Strategic Why
- Lower Operating Costs in a Margin-Squeezed Industry
- Water leak detectors
- Smart access and smart door locks
- Smart thermostats and boiler controls
- Bulk/managed Wi-Fi
- Improve Alignment with Investor Expectations
- Reposition Assets and Improve Competitiveness
- Create Resilient Property Valuations That Can Withstand Market Downturns
- Top Retrofitting Opportunities
- Setting the Foundation
- Operational and Risk-Reduction Technologies
- Resident-Facing Smart Amenities
- Leverage AI Capabilities In Hardware and Software
Best Practices When Retrofitting Smart Technologies
- The Biggest Challenges
- Steps to Success
Targeting the Right Solutions for the Right Properties
To download the complementary whitepaper, visit https://www.parksassociates.com/products/whitepapers/modernizing-multifamily-retrofitting-smart-technology-for-efficiency-and-competitiveness.
