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More smart home vendors form partnerships to enter the multifamily segment

More smart home vendors form partnerships to enter the multifamily segment
Smart home technology is gaining traction in multifamily buildings, as developers began to realize the untapped potential and made more smart solutions available for this particular segment.
The concept of a smart home is getting more popular among consumers, but smart technologies have been largely targeted toward higher-income, single-family households.
However, increasingly consumers are coming to expect their homes being equipped with smart technologies, whether they are single-family or multifamily households, according to a report of Navigant Research.
Smart home solutions can be considered a win-win, as they benefit the residents as well as property managers. Smart technologies enable property managers to operate their communities more efficiently, charge higher rental prices, and attract and retain occupants.
One example showing the market is gaining traction is multifamily real estate developer LMC’s two apartment rollout earlier this month. Located in northwestern Seattle, luxury apartment Valdok’s residents will get voice-activated control through the Sonos Play:1 speaker. Select homes will also include Lutron roller shades, which can be controlled through a smartphone.
LMC also announced the start of leasing at Marisol, a luxury apartment community in Carlsbad. The smart home-enabled development features 278 apartment homes. The property is equipped with LMC Dream Suites by Lutron, a technology package that provides residents with digital control of their bedroom window shades, wireless thermostats and lighting in kitchen, dining and entryway areas.

Partnerships will be helpful

According to Navigant’s report, there are three different multifamily business models: product, software subscription and bundled solution. Smart home vendors should form partnerships with one another to enter the multifamily market, suggested Navigant Research.
In fact this is already happening. In July, Google, Nest, Dwelo and Alliance Residential announced a partnership to install smart home technologies in 25,000 luxury apartments, the largest smart home apartment rollout in U.S. history. The package includes a Nest smart thermostat, a Google Home Mini, smart locks, light switches and wall outlets. These products are integrated via Dwelo’s cloud-based communications platform. The smart devices can be controlled via a smartphone app.
Other companies involved in the multifamily sector include Vivint Smart Home, which offers a service for property managers to design their own smart apartment ecosystem; STRATIS, which offers software as a service for 225,000 multifamily and student housing units; and IOTAS, which provides smart home experience for renters.
Multifamily buildings are quickly becoming a promising avenue for smart home technology and popular brands are already making moves in this market, Navigant Research says, adding that other smart home companies must explore multifamily to avoid missing out on the untapped market potential and to avoid being left behind by the competition.

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