Last year’s market revenue for smart homes with $24.1B with the largest share of the market being in North America and the industry is expected to grow. According to Zion Market Research, the smart home market is expected to grow at a compound annual rate of 14.5% over the next several years.
What does the rise in smart homes mean for the multifamily industry? The expectation for most apartment owners is that they are heading into a turn-key, amenity rich living environment that they can add their personal touch to – this expectation is extending to the smart home. A resident can walk into their apartment, be recognized by their apartment and have their preferences set and patterns recognized with everything from temperature to ambiance to waking up to a made cup of coffee or a certain song. This creates a truly personal, customized space that extends far beyond furniture and wall hangings.
Like other multifamily amenities: the pool, the gym, the granite counters – residents are coming to expect wireless smart home features and a best-in-class wireless service that can support any additional features a resident wants to add to their home. When offered as an amenity, smart homes need to be sitting on a carrier-grade wireless backbone to ensure functionality. The importance of a managed wireless network cannot be stressed enough. When it comes to smart amenities like door locks, motion detection and temperature, network reliability is a must and Wi-Fi becomes as necessary a utility as electricity.
A recent article discussed the importance of a carrier-grade wireless backbone to the building owner: “WiFi is just as important as electricity when it comes to keeping our members happy, stated Brad Hargreaves, Founder and CEO of Common, a NYC-based co-living company, “So we go out of our way to rig the building with the best in the neighborhood and using the best-in-class access points and providing a best-in-class Wi-Fi system.”
Future-proofing during the construction phase, as mentioned in a recent multifamilyexecutive.com article, is extremely important and we advise that building owners involve their wireless consultant and provider as early as possible to ensure that the proper cabling plan is included in design and throughout construction. This will ensure that the building can support not only current wireless smart home technologies, but that future technologies are also able to be supported. Improper cabling design can create huge problems for the building owner and result in lost revenue and unhappy tenants. For building owners needing direction on supporting smart apartment features as an amenity or needing cabling consultancy, please contact: Margot Sherwin – 203-523-5210 or firstname.lastname@example.org