A recent survey report from the United States National Apartment Association (NAA) has found there to be enormous growth potential in the smart-home industry.
Apartment demand in Australia and the US has skyrocketed in the last decade, with apartments going up left, right and centre. According to the report, it’s important for apartment owners to have a differentiating factor to attract renters and retain them long term, which is why smart home technology is starting to play a huge role.
“Owners and operators who have not yet dipped their digital toes in the silicon with smart-home technology will find themselves falling further behind at a faster pace,” says the report.
WHERE TO START?
As quoted on GlobeSt.com, NAA Industry Research and Analysis Director Paula Munger said the survey found owners will often start with lighting, smart locks and smart thermostats, and residents are willing to pay more for it.
Results show residents would also be happy to pay more for the likes of voice command and complete control of their home through a central solution.
“When we asked what [renters] found most beneficial about smart-home tech, every group agreed on saving time,” Paula said.
“The 45- to 60-year-olds were more interested in convenience, the over-60-year-olds were interested in control, the 30- to 44-year-olds said saving money and the 18- to 29-year-olds were most interested in ‘making my life more efficient’,” Paula said.
Smart home tech, for most, is still an unknown. Some owners won’t put it in their home due to certain fears and some renters may be put off by smart home tech for other reasons.
Paula spoke about some of the biggest challenges owners face when it comes to the technology.
“Cost was cited as the number one challenge for owners. Second was incompatibility with technologies. Future-proofing was mentioned a lot as well – how do we know what to choose that isn’t going to be outdated by the time we even implement it?” Paula said.
WHAT IT MEANS FOR QUANTIFY:
Quantify appreciates this sort of research because it gives us a firm understanding of where the market is heading.
While the survey itself was done in the US, similar principles apply in Australia with smart home technology said to deliver a point of difference and make properties stand out from the crowd.
At Quantify, we believe we have a solution that answers to the challenges of the industry:
- We deliver a time saving and cost-effective solution that is convenient to use and control, while useful in making lives more efficient.
- Our solution is future proof; it moves with the times and can be upgraded to the latest technology at any stage, by any homeowner.
- Users can control our solution via touch, app or voice, plus, we have the ability to integrate with partners to deliver a more complete solution for a home, long term.
- We have something that will enhance any property, thus delivering greater rental or selling prices.
MORE INFORMATION HERE