A new report from Navigant Research examines the business case for smart home technologies in multifamily housing, providing insight into new business models, applications and opportunities in the multifamily market.
Multifamily housing has been a nascent segment of the smart home market, but as urbanisation increases and the supply of affordable housing decreases, building owners and residents are more interested in the potential of connected technologies.
Many consumers expect their homes to be equipped with digital technologies and property managers can find value in using these technologies to assist in more efficient operations, as well as to attract and retain occupants.
“The smart home is gaining mindshare among consumers, though connected technologies have largely been targeted toward higher income, single-family households,” says Paige Leuschner, research analyst with Navigant Research. “Stakeholders are beginning to realise the untapped opportunities in multifamily buildings.”
To harness these opportunities, Navigant Research suggests smart home vendors design solutions to address the specific needs of the multifamily home market, while leveraging the experience they’ve gained in the single-family market.
Technology providers, especially telcos that can address connectivity issues in multifamily buildings, should consider partnering with other market players or going to market with bundled solutions.
The report, Making the Business Case for Smart Home Technologies in Multifamily Housing, examines the business case for smart home technologies in multifamily housing.
Three different multifamily business models (product, software subscription, and bundled solution) are compared, with examples provided for each.
The report also analyses the early entrants to the multifamily vertical for smart home technologies that are gaining traction.
An Executive Summary of the report is available here.