In multifamily buildings, as roof decks and gyms have become table stakes, it’s more important than ever for owners and operators to evaluate what will set them apart from the competition. With 92% of renters ranking convenience as a top priority in their apartment search, buildings must prioritize services and amenities that make renters’ daily lives easier.
One of the easiest ways to do that is with smart home devices that give renters even more control of their spaces. 86% of millennials surveyed say they’re willing to pay more for an apartment with smart home tech, making it a no-brainer for owners and operators looking to attract residents and increase ROI.
But while it’s easy for new developments to keep up with these ever-changing renter preferences, it can be challenging for existing buildings to adapt. Many of the smart devices renters are looking for require building-wide internet, extra wiring, or additional operational oversight. These devices don’t pay off for existing assets because it is so cost prohibitive. With the Latch Hub, however, retrofit projects can keep up with their newer counterparts without the sky-high added expenses required by other solutions.
Designed to connect three ways—Ethernet, WiFi, or cellular—the Latch Hub connects to a wide range of smart home devices, like thermostats, leak detectors, smart access devices, and light switches to create a unified smart home experience. It also has a back-up battery so that, in the event of a power outage, all devices remain connected. No matter the existing wiring or infrastructure a retrofit project has, there’s always an easy way to get the Latch Hub online.
For apartments with multiple smart home devices like lights, thermostats, and leak detectors, the Latch Hub makes it easier for both residents and property managers to oversee all devices in one place. Once a resident moves in, they’ll be able to control every device connected to the hub through the Latch App. That way, even when they’re not home they can check in on the temperature or ensure the lights are turned off. When a unit is vacant, property managers can oversee the devices to lower utility costs and monitor for unexpected—and costly—surprises like water leaks.
The Latch Hub was designed with retrofits in mind. That’s why it has flexible mounting options that give owners and operators even more choice. The device was designed strategically to allow various configurations that support connectivity in hallways, on ceilings, or in individual apartment units. That way, no matter the layout or wiring restrictions in an existing building, the hub can be easily and affordably integrated to power the smart-home experience residents expect.
Smart building technology delivers a wide range of financial benefits for multifamily owners and operators. From cost efficiencies to improved customer experience, a strategic investment in the right technology solution can positively impact both the cost and revenue sides of the ledger.
There are several different ways to estimate how smart communities achieve ROI. Learn more about the four most popular approaches in our easy-to-read guides.