- What is driving the emergence of multifamily as a market for smart home technologies?
- How is this market expected to grow compared to the single-family vertical?
- What buildingwide applications can smart home technologies enable for property managers?
- Which business model is best suited for the multifamily vertical?
- Which companies with smart home tech offerings are the early entrants to the multifamily space?
- What best practices does Navigant Research recommend for stakeholders in the multifamily vertical for smart home technologies?
Making the Business Case for Smart Home Technologies in Multifamily Housing
The concept of a smart home is gaining mindshare among consumers, but connected technologies have been largely targeted toward higher income, single-family households. Multifamily is becoming a more attractive market for connected technologies as stakeholders begin to realize the largely untapped opportunities this vertical has to offer.
Smart home solutions enable property managers to operate their communities more efficiently, earn recurring revenue through higher rent prices, and attract and retain occupants. Consumers are coming to expect that their homes are equipped with digital technologies, whether they are single-family or multifamily households. These factors are driving new business models and applications specific to multifamily, which is expected to see significant growth and technology adoption in the future.
This Navigant Research report examines the business case for smart home technologies in multifamily housing. The study explores the new business models, applications, and opportunities in the multifamily vertical. Three different multifamily business models (product, software subscription, and bundled solution) are compared, with examples provided for each. The report also analyzes the early entrants to the multifamily vertical for smart home technologies that are gaining traction.
- Connected device manufacturers
- Smart home and home automation platform vendors
- Smart apartment vendors
- Telecommunications providers
- Energy suppliers
- Property managers
- Building developers
- Investor community
Becoming an Attractive Market for Smart Home Technologies
Why Is Multifamily Attractive Now?
Urbanization Is Leading to Demand for Multifamily Housing
Investment in Multifamily Has Increased Significantly
Smart Home Target Customers Are Prevalent in Multifamily Buildings
Consumers Are Willing to Pay for Technology in Multifamily Buildings
Traditional Solutions Limited to Building Retrofits
New Business Models, Applications, and Opportunities in Abound in Multifamily
Why Has Multifamily Been Left Untapped by Smart Home Tech?
Product, Subscription, or Bundled Solution Models for Multifamily?
Rentals versus Condos
New Applications for Building Managers …
… And New Benefits for Occupants
Early Entrants Are Gaining Traction
Vivint Smart Properties
What Does Navigant Research Recommend?
Explore Multifamily as an Emerging Vertical
Design Multifamily-Specific Solutions
Go to Market with Bundled Solutions or Partner
Learn from Single-Family and Explore New Applications
Telcos Partner to Address Building Connectivity Issues
- Residential IoT Device Shipments and Penetration by Housing Type, World Markets: 2018-2027
- Multifamily Business Models
- Smart Multifamily Building Applications
- Multifamily Program Structure by Utility