Multifamily Living Tech Trends

Automation Technology Reduces Operational Costs and Provides Greater Efficiencies

- Angel Piontek

Changes over the last three years have been profound, with COVID-19 accelerating how innovative technology is used in homes and with mass adoption of tech in the multifamily space. With today’s economic backdrop being so uncertain with raised interest rates, inflation, and rising prices, this adds additional pressure to the bottom line for multifamily building operators facing lower rental rates and rising operating costs.

Key themes for multifamily operators over 2023 will be considering how automation can help to address rising costs and provide greater efficiencies. In addition, an increased focus on resident retention will be essential with lowering rents and a more transient rental market. Technology use for evaluating the redeployment of staff within multifamily communities can offer maximum value, which will also be a theme.

Here is my take on the five smart technology trends we will see in multifamily building through 2023:

1) Automation vs. Economic Challenges

Economic pressures will continue to drive property managers toward technology that reduces operating costs through energy savings and efficiencies. The investment will include technology that automates day-to-day processes, such as communication devices, smart access solutions, and home monitoring systems (smart thermostats, HVAC, water, etc.).