PROPERTY OWNERS CAN STREAMLINE OPERATIONS EVEN WITH LIMITED BUDGETS AND RESOURCES. HOW DIGITAL TRANSFORMATION CREATES VALUE AND RENTAL INCOME The financial benefits of digital transformation in rental properties are well documented. A 2022 survey from rent.com found that tenants are willing to pay $35 to $50 more per month for most smart home products. And according to a recent Parks & Associates survey of US multifamily owners, operators, and property managers, 20% of respondents reported an increase in maintenance staff efficiency due to keyless access and a 3% reduction in the CAPEX operational budget. Digital transformation delivers value beyond dollars and cents. Smart security solutions reduce incidents by both deterring and in some cases, detecting risks, such as unauthorized entry. Adaptable technologies also help meet evolving resident needs, fostering stronger communities. Ultimately, improved resident satisfaction drives lower turnover rates. In fact, the same Parks & Associates survey found that 39% of multifamily tenants consider property-provided smart home devices a key differentiator when looking for their next home. While not directly tied to your profits, each benefit helps your property’s long-term success. By prioritizing smart technologies, you create a reputation for offering safe, modern, and convenient living experiences that drive long-term ROI.
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