At ISC West, which is running from 31st March to 4th April, Parks Associates released new research “Modernizing Multifamily Housing: Retrofitting Access Control,” in partnership with Kwikset, revealing nearly 72% of multifamily owners and operators report plans to upgrade existing smart building solutions in the next 12 months on at least one of the properties they own or operate.
This latest research explores how owners and operators are responding to shifting conditions by retrofitting solutions, particularly access control, into their existing properties.
“Retrofitting, especially access solutions, is gaining momentum in multifamily housing,” said Kristen Hanich, Director of Research, Parks Associates. “While many multifamily properties report that new construction is the bulk of their projects, demand for retrofitting is soaring, especially for solutions that can be deployed in place without requiring additional renovations.”
The reasons for this trend are multifaceted:
- Investors are increasingly recognising the value of proptech and smart building solutions in improving operating efficiencies, reducing costs, and attracting and retaining residents
- Existing properties are seeking to compete with the historic amounts of new inventory hitting the market
- Owners and operators are seeking to justify rent increases by improving the value proposition for residents
“Retrofitting access control solutions is a key strategy for multifamily property owners looking to modernise and stay competitive,” said Jeff Sandoval, Director of Marketing, Kwikset Electronics. “As demand for secure and efficient property management grows, smart locks provide a seamless way to enhance security and streamline operations without major renovations. At Kwikset, we focus on developing reliable and innovative solutions that integrate easily into existing properties, helping owners future-proof their investments.”
Retrofitting proptech improves property longevity and asset value, allowing for improved cash flow. Owners and operators have reported seeing numerous benefits from their investments in proptech and smart building solutions. Parks Associates’ research study, “Smart Properties: The Value of IoT for MDUs” reported their smart building deployments had an impact varying between 15-20% on average savings for tested metrics.
“Retrofitting will continue to be highly impactful for many companies even after new construction activity picks up speed,” added Hanich. “Investments in smart building, done properly, will generate and continue to generate returns for many years to come.”
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