Parks Associates: 24% of Multifamily Owners/Operators Have a Smart Building Provider or Aggregator

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Oct 10, 2024, 08:43 ET

New MDU research examines adoption of IoT and smart apartment technology in multifamily properties

DALLAS , Oct. 10, 2024 /PRNewswire/ -- Parks Associates' newly published study Smart Properties: The Value of IoT for MDUs, a survey of 300 multifamily property owners/building operators, reveals 24% of properties report having a smart building provider or aggregator for at least one of the properties they serve. The primary research study provides insight on technology adoption and needs among multifamily property owners and operators, with a specific focus on connectivity, IoT devices, and smart building services.

"Respondents report using an average of three smart building platforms throughout their portfolios," said Kristen Hanich, Research Director, Parks Associates. "This market is highly fragmented, far from settled, and competitors who can prove their value, ease of use, and positive customer support experiences can gain share across a company's property portfolio."

Security monitoring, smart thermostats, and water management are commonly integrated into these systems. Electronic access control, parking management, and package management solutions are more likely to be stand-alone systems.

MDU owners and operators report that smart building solutions have had a positive impact on tested metrics, including increasing operating efficiency and reducing operating costs, energy and water utility costs, and the number of safety or crime incidents across their portfolios.

"Companies are leveraging the experience they've gained in deploying the earlier generation of smart building technologies to create benchmarks for effectiveness," Hanich said. "These benchmarks serve as guides for their future deployments."

Smart Properties: The Value of IoT for MDUs is available for purchase. To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at [email protected] or 972-490-1113.

About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com

SOURCE Parks Associates