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If you’re in the multifamily business, resident retention is probably top of mind at any given time. By some estimates, resident turnover can cost communities upward of $4,000 per vacancy.
Expenses differ by market, but even with estimated turnover costs on the lower end — around $2,500 — the math doesn’t lie. Drop just four residents, and your community could be losing between $10,000- $16,000 in revenue due to factors such as loss of rent, increased maintenance, marketing costs, and the time your staff dedicates to filling vacancies.
We’d like to help put your mind at ease. You might be wondering how a smart home company like iDevices can increase resident retention. That’s a fair question; read on for our answer.
Resident retention at its smartest
Smart units give residents a better home life; full of comfort, convenience, and efficiency (we touched on the benefits of transitioning to a smart community with iDevices in this recent blog post). Not only are you improving quality of life for your residents; you’re increasing net operating income per unit.
By giving residents the ability to control their apartment’s lighting, temperature, and appliances by app, voice, and automation, they’ll be less likely to move away to another community. They’ll perceive anything less than the smart apartment you've provided as a downgrade. And if there are other “smart” communities nearby, you’ll compete and won’t lose residents looking for that higher-end experience (because you already offer it).
Tammie Varela, regional manager of Tipton Asset Group, Inc., worked with iDevices to put together a smart unit program including our smart switches, outlet, and thermostat.
There’s no benefit in waiting to make the jump to a smart community. That much was clear to Tipton, Varela said.
“Tipton understands that as time goes on and smart apartment technology evolves, it will become an expectation of our renters,” she said. “This is why we didn’t wait any longer to start offering an enhanced living experience with smart apartment technology offered by iDevices.”
Creating a smart unit with iDevices can cost as little as $200, giving residents the smart functionality and feel they expect in a modern-day apartment.
And when it comes time for renewal, increased rates won’t be as difficult to swallow for residents thanks to those smart amenities you've installed. Those increases will quickly pay off your investment in a smart community, and grow your net operating income.
Want to learn more about creating a smart community with iDevices? Contact us at email@example.com for a one-on-one meeting with one of our knowledgeable sales representatives. They'll cover features, packages, and pricing so you have all the information you need to take your community to the next level.