The US rental market is hot with a record low national vacancy rate of 5.6%, and forecasts of a 13.5 % increase in net operating income for apartment owners in 2022 (according to Green Street Analytics).
Concurrent with this thriving consumer demand is the proptech transformation of the built environment. Recent Interpret research found that almost a third of enterprise-scale multifamily owners agreed that smart home devices in the rental unit increased asset value. A similar share of owners highly agree that smart property technologies are equally valuable for generating operational savings and new revenue.
Enter SmartThings and CommScope who hope that combining the popular Ruckus networking hardware with SmartThings cloud software will deliver a renter and operator user experience that is easy to install, seamlessly reliable, and perhaps most importantly, easily expandable for bring-your-own devices that consumers can buy at retail and install themselves.
The partnership announced the RUCKUS portfolio of converged Wi-Fi 6 and IoT access points will gain Works as a SmartThings Hub capability. The well-developed SmartThings platform will give renters the ability to connect to thousands of devices that have long-been integrated into the platform.
“This hybrid networking and proven home automation platform offers a strong value proposition that solves the limitations found in some smart apartment offerings with limited integration of devices,” said Interpret Vice President Brad Russell. “The challenge for the partnership will be offering the same level of sophistication on the enterprise-facing side of the solution that often has rigorous demands for building systems integration, security, multisite management, property management software integration, and compliance reporting.”
Interpret Smart Home Matrix research finds apartment renters account for 14% of smart home device ownership, 16% of next year purchase intenders, and 25% of green purchase intenders who don’t yet own a device. Renter demand is often driven by the desire for security, comfort, a fun user experience, and the freedom to customize their rental space.
Learn more about the proptech channel in Interpret’s recent Smart Home Matrix Evolution and Expansion of Smart Home Channels.
Ready to level up your career? Check out our Careers page for current openings and join our squad of Fun Scientists!
