6 Multifamily Technology Trends for 2024
In keeping with the technology landscape at large, multifamily technology solutions have advanced significantly over the last few years. MDU (multi-dwelling unit) property owners and managers are embracing green energy, advanced security measures, and other innovations to manage costs and enhance the tenant experience.
In this blog post, we’ll walk you through some of this year’s top multifamily technology solutions to help you retain and attract residents well into the future while potentially boosting net operating income.
The Top Multifamily Technology Trends for 2024
For owners and managers of multifamily properties like retirement facilities or student housing complexes, it pays to stay on top of technology trends.
“Regardless of your tenants’ age, everyone appreciates the comfort and convenience that technology creates,” says Dustin Johnston, Vice President of Sales at MDU Internet Services.
The following multifamily technology solutions can help you slash turnover, cut operating costs, and stand out from your competitors.
Access Control
Access control is probably the most noteworthy trend on this list, and it’s not hard to see why. From gyms and pools to entertainment areas — and, most importantly, units — there are all kinds of areas in MDUs that should be made highly secure for renters and staff.
Access control technology scans residents’ credentials at any locked door. Usually, credentials are checked by swiping a key card, using a wireless fob, or entering a key code on a numbered lock. Tenants are granted or denied access based on whether their info matches the unique code they were assigned when they moved in.
“At the end of the day,” says Dustin, “it’s really about peace of mind for tenants, owners, and managers alike. Security should be priority number one.”
There are two main aspects to consider when thinking about access control technology. First and foremost, multifamily properties should invest in the most effective methods available for securing tenants’ units. Second, areas like elevators, mail rooms, server and equipment rooms, and parking garages all require robust security as well.
Access control solutions are much more reliable than traditional metal keys, which can be easily lost or copied for unauthorized use. And when residents eventually move out, their access credentials can be removed or reassigned.
IoT Technology
The Internet of Things (IoT) refers to physical objects, or “things,” that contain computer chips connected to the internet, enabling them to send or receive data, or perform a task. It’s still in its early stages but quickly gaining popularity.
IoT technology allows tenants to simplify their daily routines by controlling the objects around them from an app on their phone. For higher-end MDUs, common examples include smart lighting, smart window blinds, and even smart fridges and microwaves.
Usually, IoT technology is more about providing added convenience to renters rather than cutting costs or boosting your operating income. There’s an important exception, though: smart thermostats.
“Smart thermostats are relatively inexpensive,” says Dustin, “and they can help significantly with energy monitoring and operating efficiency. For example, if you own a student housing complex and 400 students all move out in May, your property manager can shut off all 400 thermostats at the touch of a button.” Not only does that save your maintenance staff a lot of time and effort, but it also provides immediate energy savings.
Due to their high bandwidth requirements, IoT devices require a robust network infrastructure comprising fiber-optic cabling and a fiber backbone. Fiber-optic cables are insulated cables with one or more thin strands of glass or plastic fibers that can transmit light signals, which allows data to be sent at extremely high speeds. A fiber backbone, which involves vertically installed fiber-optic cabling, connects your entire building for seamless data flow.
A managed internet services provider can install the fiber-optic cabling your property needs for the latest IoT solutions.
Solar Power
Today more than ever, tenants and property owners alike are embracing green alternatives like solar power. In fact, some MDUs — such as Net Zero Village in New York — are offering tenants an entirely solar-powered renting experience.
“Multifamily properties like Net Zero Village and Solara put solar panels on top of their parking lots and garages,” Dustin says. It’s a win-win. Residents’ cars stay cool, and properties can generate enough power to be net zero on their emissions. “But then you consider the cost savings. Net Zero Village is pulling two million kilowatt-hours of power per year from their panels, saving them over $300,000 annually.”
And that’s not the only way that MDUs are going green…
EV Charging Stations
More electric vehicles (EVs) are being driven today than ever before. In the third quarter of 2023, there were roughly 3.3 million EVs on U.S. roads. This has led to a constant and growing need for EV charging stations, and forward-thinking MDU property owners are stepping up to fill it.
“As a property owner, it’s up to you whether or not to charge your residents for using your EV stations,” Dustin says. “It can be a very reliable revenue stream. But if you let tenants charge their cars for free, that’s a massive selling point.”
Whether or not you make your EV stations freely available to tenants, ease of access is still attractive to potential renters. Think of the convenience that comes with being able to charge your car at home every day rather than at a Walmart parking lot. Not only does offering this feature enhance tenant satisfaction, but it also positions your property as a forward-thinking place to live.
Vertical or Controlled Environment Farming
Another multifamily technology solution that belongs on property owners’ radars is vertical farming, also known as controlled environment farming. Vertical farming is a type of indoor farming where food is grown vertically — with each crop layer separated by shelving — in a temperature-controlled building.
The HyCube Marriott is a great example. Aside from being visually striking, the HyCube —– short for “hydroponic cube” —– uses 90% less water than traditional farming methods.
But what about MDU properties like apartments or retirement complexes?
“A lot of properties are putting controlled environment farms on the ground floor,” says Dustin. “Residents can get fresh fruit, vegetables, and herbs right at home even in the winter. It’s one of the most interesting technologies popping up.”
Plants grow best in pink light, which fiber-optic cables are very good at supplying. A reliable cabling services provider can make sure you have the necessary cabling infrastructure for controlled environment farming.
Surveillance systems
Surveillance systems are an incredibly important multifamily technology for MDU property owners. Surveillance cameras can bring your residents priceless peace of mind. They also supply valuable evidence in the event of a crime. Modern multifamily security cameras have advanced features like high-resolution video, license plate recognition, and even facial recognition.
“The bottom line is that tenants and staff need to feel safe,” says Dustin. “MDU surveillance has come a long way in recent years. Some cameras even have infrared night vision available and motion detectors that automatically alert security staff to anything suspicious.”
Along with access control systems, surveillance systems are one of the most important multifamily technology trends to be mindful of. Installing modern surveillance cameras shows your tenants that you’ll go the extra mile for their safety and well-being.
Get your property ready for the future of multifamily technology
For owners and managers of MDU properties, staying on top of multifamily technology can provide a valuable competitive advantage. By embracing innovations strategically, you not only enhance your property’s appeal but also future-proof it against evolving demands for years to come.
Ready to explore multifamily technologies for your property? Contact MDU Internet Services today for a free consultation. We can help you determine your current wiring infrastructure, assess what your property needs to support the latest technology, and recommend cost-effective solutions for both new builds and retrofits to meet your residents’ needs and your budget.