(#713) SMART APARTMENTS
SMART APARTMENTS
Daily Dose: There is a place for smart technology on all assets and across all demographics. Tune in to see how your community can leverage the benefits.
We are always looking for ways to add amenities to our communities and if there is an opportunity for ancillary income, even better! That’s why I was so excited to virtually “sit down” with Stratis CEO, Felicite Moorman to talk all things Smart Apartments and Intelligent Buildings. She shares how technology is shaping the landscape of multifamily housing and opening up opportunities that we’ve never had before.
Worried your community is too outdated to implement smart technology? Don’t be! Felicite is sharing how implementing small options can save you thousands in the long haul.
This isn’t just for luxury communities or for Gen Z renters! There is a place for smart technology on all assets and across all demographics. Tune in to see how your community can leverage the benefits.
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Hear from an expert:
Virtually sit down with Barbara and Stratis CEO, Felicite Moorman, to talk all things Smart Apartments and Intelligent Buildings.
Q: Why would someone go smart?
“The best part is that there are real opportunities to change lives with small investment. And it’s part of the mission of public housing to enable people to live better lives. That’s what housing is about.”
A: Every building is its own animal. What we are finding is that property owners and operators are able to differentiate their properties enough when they put in a good smart home system that makes sense and works. We're seeing that they can charge between $35 and as high as $200 in California, per unit per month. When you go with a fully smart apartment, not just a piece of it, you really have an opportunity for a rent premium.
It’s important to note that might not last forever. There may come a time where people just expect to have a smart apartment. Our early adopters are certainly reaping the benefits right now.
Q: Can a more established community still implement smart technology?
A: Yes, absolutely… we're seeing the adoption of these technologies in public housing and a lot of times that's not new development. A lot of times those $20 a month in public housing that you save on your energy bill because you're automating and using eco mode with Stratis instead of manually turning that older thermostat, equals meals for that family.
We are hyper-focused at Stratis to make sure that we don't perpetuate the digital divide with our technology. So if we make something super sexy for a new development, we are simultaneously featuring a setting for public housing. So that allows us that ubiquity that we're looking for. But more importantly, it makes sure that our technology is accessible to everyone, whether it's a brand new sexy building, or whether it's a 60-year-old public housing building.
Q: Have you had success in marketing your smart apartments?
A: A sexy class A plus community needs to differentiate themselves and market the smart apartments. We had a property in Denver that had 90 pre-occupancy leases signed in the first four weeks at a 20% rental premium because they did a rent smart campaign all around the technology. It was brilliant!
Q: Can somebody gradually embrace smart apartments?
A: Yes, I usually start by looking for pain points… let’s talk about a public housing community. Maybe it starts with a thermostat or a leak sensor in a building-wide network so that you get all of the alerts that you need without necessarily having the sexy Bluetooth door lock right now.
Once you start realizing the return you can look for additional options to enable. You can go as fast or as pain-point oriented as you want to. I like to say for multifamily, bite-size is the right size. You give people the option to get a little bit and realize that return, they come back to you… Get your return and invest again.
Check out the full podcast audio with Felicite Moorman of Stratis HERE!
